VimpelCom record Q3 profit surge

VimpelCom reported an almost three-fold year-on-year increase in quarterly profit despite sales dipping by six per cent.

The Amsterdam-headquartered operator group reported Q3 net income of US$538 million, up from US$189 million a year ago and ahead of the US$506 million average forecast in an analyst poll by Dow Jones Newswires.

Revenue fell to US$5.75 billion from US$6.10 billion, in line with the analysts’ average forecast.

EBITDA slipped to US$2.53 billion from US$2.57 billion.

The firm blamed the sales decline on “unfavourable currency movements,” noting that year-on-year revenue growth was three per cent on an organic basis.

The total mobile subscriber base increased seven per cent to 212 million.

Russia remained the group’s largest business unit, accounting for US$2.32 billion of sales in the quarter, representing 40 per cent of the total.