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December 30, 2008

MegaFon Q3 net income up

MegaFon, a Russian mobile operator, has reported that net income increased 19.1% to RUB12.35 billion for the third quarter of 2008, compared to a net income of RUB10.37 billion for the same quarter of 2007.

By CBR Staff Writer

For the third quarter of 2008, revenues increased 22.9% to RUB46.80 billion, compared to RUB38.09 billion for the same quarter of 2007. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 18.4% to RUB23.90 billion, compared to RUB20.19 billion for the same quarter of 2007.

For the first nine months of fiscal 2008, revenue grew 24.9% to RUB127.01 billion, compared to RUB101.69 billion for the same period of 2007.

Net income increased RUB31.68 billion, compared to a net income of RUB24.76 billion for the same period of 2007. EBITDA increased 18.4% to RUB63.27 billion, compared to RUB52.50 billion for the same period of 2007.

Sergey Soldatenkov, CEO of MegaFon, said: We are committed to our goal to become the revenue leader in Russian mobile communications. We are gratified that our customers responded well to our marketing initiatives throughout this year, providing us with revenue growth of 24.9% year-over-year for the nine months ended September 2008.

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