Emerging markets telecoms operator VimpelCom Ltd. posted an 83 percent increase in second-quarter net profit on Wednesday, beating market expectations as subscriber numbers grew across its markets.
The company said net profit totaled $488 million, up from a pro forma $267 million a year ago, while analysts had forecast it at $340.3 million.
Revenues fell 4 percent, affected by the appreciation of the dollar against the group's operating currencies, such as the euro and the ruble, to stand at $5.7 billion, in line with a Reuters poll forecast, VimpelCom said in a statement.
Earnings before interest, taxation, depreciation and amortization increased 2 percent to $2.48 billion, above the $2.38 billion forecast.
VimpelCom, in which Norway's Telenor has a 39.5 percent voting stake, generates 40 percent of its revenues in Russia, while Europe and North America is its second-biggest business unit, with a combined 30 percent share in total sales.