Support The Moscow Times!

VimpelCom Q3 Hit Hard

VimpelCom saw a 77 percent fall in quarterly earnings, hit by noncash losses, and said the integration of its $6 billion-plus Wind Telecom acquisition was running ahead of schedule.

The mobile phone group, which expanded into markets such as Italy via the deal for Wind, said Monday that third-quarter net profit fell to $104 million.

The bottom line was hit by about $400 million in foreign exchange and other noncash losses, whereas revenue and core profit came in broadly in line with expectations. Earnings before interest, taxation, depreciation and amortization rose 4 percent to $2.54 billion. The EBITDA margin declined to 41.6 percent from a pro forma 44.1 percent a year ago.

(Reuters)

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.