27 Aug 2009 13:50

VimpelCom beats forecasts, boosts US GAAP net profit 103.4% in Q2

MOSCOW. Aug 27 (Interfax) - Russia's VimpelCom increased US GAAP net profit 103.4% to 22.6 billion rubles in the second quarter of 2009 compared to the same period of 2008, the company said in a statement.

Sales revenue grew 11.9% to 69.035 billion rubles in the quarter, OIBDA (operating income before depreciation and amortization) rose 21% to 34.958 billion rubles and the OIBDA margin climbed to 50.6% from 46.8% in the second quarter of 2008.

Net profit grew 49.4% to $702 million in the dollar equivalent. Sales revenue declined 17.9% to $2.143 billion and OIBDA fell 11.3% to $1.085 billion.

Analysts from investment companies and banks polled by Interfax had predicted VimpelCom would show net profit of $665.4 million, sales revenue of $2.14 billion, OIBDA of $1.05 billion and an OIBDA margin of 49.1%.