The Russian Operator Group, VimpelCom has reported a near doubling of profits in its Q2 report. The increase in profits came largely on the back of increased revenues from African, Asian and CIS locality markets:Armenia,Georgia,Kazakhstan,Kyrgyzstan,TajikistanandUzbekistan.
VimpelCom still has its largest market inRussia, with a reported 55.7 million customers (up 1% on last quarter). Revenue there has increased after greater efforts at monetisation with more uptake of value-added services. The operator has also been awarded an LTE license.
Further expansion in emerging markets was accomplished through the acquisition of Italian operator, Wind Telecom SpA. VimpelCom also sold its controlling stake in Vietnamese operator GTEL in the same time frame.
The company results came despite adverse appreciation of the US Dollar relative to local currencies and weak sales inEuropeandNorth America. VimpelCom is also experiencing scrutiny from Russian regulators over the size of Norwegian operator Telenor’s stake in the Russian business.