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Vimpelcom sees service revenue slow in Q2 to fall of 1%
2016-08-04 08:50:00| Telecompaper Headlines
(Telecompaper) Vimpelcom said it expects to achieve only the lower end of its full-year targets, after a slowdown in service revenues in Q2. Its total revenue fell 16 percent year-on-year to USD 2.156 billion in the three months to June, and service revenue dropped 17 percent to USD 2.089 billion. In addition to negative currency effects, the company saw an organic revenue decline of 2 percent in its home market Russia and organic sales fell 15 percent in Algeria. Group EBITDA fell 26 percent to USD 795 million, hurt by the weaker sales and USD 116 million in restructuring costs, and the margin dropped to 36.9 percent from 41.6 a year ago. On an organic basis, service revenue fell 0.7 percent, as 26 percent growth in mobile data was offset by lower voice revenue.
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Category:Telecommunications
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