Vimpelcom boosts Q4 net profit 63% to $461.2 mln, above forecast
MOSCOW. March 29 (Interfax) - Vimpelcom Ltd boosted net profit to US GAAP 62.7% year-on-year in Q4 2010 to $461.2 million, the cellular provider said in a statement.
This was higher than the $437.6 million that analysts predicted in a consensus forecast for Interfax.
Revenue grew 22% to $2.8 billion, as forecast. Operating income before depreciation and amortization (OIBDA) rose 15% to $1.25 billion - a shade below the forecast $1.3 billion - and the OIBDA margin was down to 44.5% from 47.1% after 46% had been forecast.
Pro forma net profit grew 36.8% in Q4 2010 from $337.2 million and revenue - 6.3% from $2.65 billion, while OIBDA fell 2.7% from $1.29 billion and the margin fell 4.1 pp from 48.6%.
The pro forma results include Kyivstar's results for the same period of 2009.
Vimpelcom's consolidated sales revenues increased 20.8% to $10.5 billion, OIBDA was up 15.4% at $4.9 billion, and the OIBDA margin decreased to 46.9% form 49.1%.
Net profits for 2010 came to $1.67 billion, 49.2% more than in 2009. Operating cash flow was $3.7 billion, up 4.5%.
Russian 'big-3' telecoms operator OJSC VimpelCom saw Q4 sales revenues rise 9.7% to 64.6 billion rubles, and growth for 2010 as a whole was 5.3% to 247.9 billion rubles. Revenue from data-transmission services, including mobile and fixed broadband Internet access, grew 27% for the year to 18 billion rubles.
VimpelCom's OIBDA ticked up 0.3% to 28.03 billion rubles in Q4, but dipped 1.9% to 114.6 billion rubles for the year. Its OIBDA margin dropped to 43.4% from 47.5% for the quarter and to 46.2% from 49.6% for the year.
The company's income from its mobile business in Russia grew 10% to 53.8 billion rubles in Q4 and 6.4% to 207.3 billion rubles for the year.
Vimpelcom Ltd. sales revenues in Ukraine came to $1.2 billion in 2010, a 5.8-fold increase on 2009. This was attributable to the inclusion of Kyivstar financials in the consolidated results starting last April. OIBDA soared to $633 million from $36 million the year before.
Company revenues from its operations in other Commonwealth of Independent States countries (Kazakhstan, Uzbekistan, Armenia, Kyrgyzstan, Tajikistan, and Georgia) were up 23.3% at $362 million in Q4 and 17.1% at $1.4 billion for all of 2010.
Vimpelcom sales revenues in Southeast Asia jumped 190% to $6.9 million in Q4. Negative OIBDA was $9.8 million versus a negative $2.6 million a year previously.
Vimpelcom Ltd ended Q4 with net debt of $4.74 billion.