20 Jul 2010 11:16

Megafon helps TeliaSonera boost Q2 sales revenues 0.5%

STOCKHOLM. July 20 (Interfax) - Scandinavian holding TeliaSonera benefited from OJSC Megafon involvement to increase Q2 sales revenues 0.5%.

TeliaSonera holds 43.8% of Megafon shares directly via subsidiaries.

The holding reported income from its operations in Russia of 1.305 Swedish krona ($177.7 million) in April-June. The Russian ruble's 1.6% gains against the krona generated 17 million krona ($2.3 million) in profits.

Megafon had 54.1 million subscribers at the end of Q2, up 2.1 million from Q1 and 8.5 million from Q2 last year. Megafon's share of the Russian market increased from 24% in Q1 to 25%, the statement says.

TeliaSonera provided Megafon with services worth 82 million krona ($11.2 million) over the second quarter.

The holding's combined Q2 sales revenues were down 1.7% year-on-year at 26.964 billion krona ($3.7 billion). Net profits rose 17.2% to 5.238 billion krona ($716.6 million).

In addition to the holding's Scandinavian operations, TeliaSonera holds stakes in MegaFon and Turkey's Turkcell (37%). The company is also the key shareholder in Fintur Holdings, which, through its subsidiaries, provides cellular services in Azerbaijan, Georgia, Kazakhstan and Moldova. The holding's purchase of U.S. company MCT Corp. in 2007 allowed TeliaSonera to enter markets in Tajikistan and Uzbekistan.