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VimpelCom Q1 net doubles on Golden buy, forex gain

05 июня 2008

Russian mobile operator OAO Vimpel Communications, Wednesday said first-quarter net profit more than doubled, buoyed by the partial consolidation of Golden Telecom and a $185-million foreign exchange gain.

New York-listed VimpelCom, the country's second most-widely used provider, said net income reached $601 million from $277 million in the year-earlier period.

Thanks to the foreign exchange gain - which resulted mainly from the revaluation of U.S. dollar-denominated loans - net profit came in well ahead of a Dow Jones Newswires poll of six analysts, which had forecast $435 million.

Meanwhile, revenue rose to $2.11 billion from $1.49 billion as VimpelCom signed up 6.5 million new mobile users and existing clients in its core domestic market spent 21% more on average a month.

The results also include March figures for Golden Telecom, the fixed-line and broadband provider for which VimpelCom paid $4.3 billion earlier this year.

"The first quarter should be viewed as the beginning of a new era for VimpelCom," Chief Executive Alexander Izosimov said in a statement."Completion of the Golden acquisition has opened an entirely new set of growth opportunities which, when realized, should further strengthen our position in the Russian telecom sector."

VimpelCom stock has surged by around 75% over the last 12 months, partly on the back of the Golden buy, but is off its late December high of $45.48.

Its American Depository Receipts closed $1.17, or 3.3%, lower at $85.48 Tuesday.

Источник: Total Telecom

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