VimpelCom net profit down 29% in Q1

PanARMENIAN.Net - VimpelCom saw its first quarter 2012 pro-forma net profit fall 29 percent year-on-year to $318 million to US GAAP, the firm said in a statement on Tuesday, May 15, RIA Novosti said.

VimpelCom's net profit was above a consensus forecast of analysts polled by RIA Novosti of $314.6 million, with first quarter Earnings Before Interest, Taxation, Depreciation, Amortization (EBITDA) edging one percent higher to $2.311 billion and a 3 percent year-on-year rise in pro-forma revenues to $5.619 billion.

The pro forma presentation reflects the VimpelCom's results excluding the impact of VimpelCom’s purchase of Italy's Wind Telecom in April 2011.

"We have delivered strong organic EBITDA and revenue growth leading to another quarter of good cash flows. We will continue to review our portfolio of operations and we will remain focused on profitable growth and cash generation," CEO Jo Lunder was quoted in the statement as saying.

VimpelCom's total mobile subscriber base grew 12 percent in the first three months of 2012 to 209 million.