Russian wireless services provider VimpelCom has reported an increase of 71% in its net profit from $458.1m to $268.4m for the third quarter ending September 2007. The company attributed the rise to increasing usage of its services in Russia and expanding subscriber base in the CIS countries.
VimpelCom’s revenues increased by 43.9% to reach $1.95 billion against $1.35 billion while operating income showed an increase of 57% to $674m from $428m in the same period of 2006. EPS increased from $5.28 in 2006 to $9.02 in 2007.
The subscriber count for VimpelCom increased by 16.4% to almost 61m as on September 30, 2007. The average revenue per user (ARPU) in Russia with 41.8m subscribers rose to $13.40 from $10.60.
VimpelCom’s competitor, Mobile Telesystems announced a 35% increase in its net profit in its third quarter results for the period ending September 2007. The company reported an increase of 23.3% in its revenues from $1.8 billion to $2.2 billion.
Source: ComputerWire daily updates