Luxembourg-based Millicom International Cellular (MIC) has reported revenue of USD316 million for the first quarter of 2006, up 48% year-on-year in pro forma terms. Central America was MIC’s best performing unit, with almost half of total revenue being derived from its operations in Guatemala, El Salvador and Honduras. Nearly one million subscribers were added during the quarter, taking the company’s total subscriber base to 9.9 million across the 18 countries – mainly developing markets – in which MIC operates a wireless network. ‘The Q1 performance was well ahead of expectations,’ said Marc Beuls, the CEO of Millicom, in a statement. ‘This increasing growth momentum is the result of the heavy capital expenditure across the business in 2005 and we expect this growth pattern to continue as our capital expenditure in 2006 will be more than 50% higher than in 2005.’ Beuls also spoke of a ‘very bullish outlook for this year and next year’, and that acquisition talks were ongoing. Millicom announced in January 2006 that it had hired Morgan Stanley to carry out a ‘strategic review’ of its operations following ‘increased interest’ from potential purchasers.