VimpelCom beat expectations and reported fourth-quarter net profit of $801 million, in part boosted by the revaluation of its stake in cell phone retailer Yevroset.
The company posted a $381 million net loss in the same period of 2011.
The Amsterdam-based wireless carrier, with assets in Russia, Italy and various emerging markets, said it adjusted the fair value of its stake in Yevroset by $606 million.
VimpelCom took equal control of Yevroset in December, increasing its stake 0.1 percent to 50 percent after No. 2 Russian carrier MegaFon bought the other 50 percent stake from tycoon Alexander Mamut.
VimpelCom said operating profit more than tripled to $709 million, while earnings before interest, taxes, depreciation and amortization rose 10 percent to $2.45 billion, with a 41.1 percent margin.
Quarterly revenue edged up 1 percent year on year to $5.95 billion, helped by a 5 percent increase in the number of subscribers, the company said in a statement.
Analysts on average had expected a net profit of $451.5 million, revenue of $5.87 billion and EBITDA of $2.45 billion with a 41.8 percent margin.
VimpelCom's net profit in the fourth quarter of 2011 was eroded by noncash items relating to currency movements and one-off charges.
Mikhail Fridman's Alfa Group and Norway's Telenor are majority stakeholders in VimpelCom, which had 214 million wireless subscribers at the end of 2012.