New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
May 14, 2014
05:35 EDTVIPVimpelCom reports Q1 EPS 2c, consensus 15c
Reports Q1 revenue $5.02M, consensus $5.18B. Jo Lunder, CEO, commented, "We previously indicated our expectation that 2014 would be a challenging year and the Q1 results reflect the more difficult trading environment. Group organic revenues declined by 5%, however due to our continuing focus on cost control the Group's EBITDA margin remains strong at 41.6%. All of our Business Units have reported double-digit data revenue increases and we continue to invest in high-speed networks to drive future growth. In Russia, we continued the roll out of our 3G and 4G/LTE networks and we are also improving many aspects of our customer value proposition. I am confident that we are taking the right measures in Russia but we expect continued pressure on results through 2014. In Italy, we have endured a period of intense price competition and although Wind has continued to outperform its competition, we expect continuing market contraction in 2014. In the Africa & Asia Business Unit there were small declines in organic revenue and EBITDA, although Bangladesh saw strong revenue growth. In Ukraine, our transformation program is going according to plan with early signs of positive results. Our CIS markets again delivered a solid set of results. Recently we also agreed a favorable resolution of our discussions in Algeria and we completed the refinancing of our most expensive debt, related to Italy. Together, we estimate that these achievements will deliver approximately USD 600 million in annual interest savings. Despite these successes, due to the challenging environment in many of our operations, we have revised our targets for 2014."
News For VIP From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
There are no results for VIP

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the disclaimer & terms of use