MegaFon reports 55% rise in profits

3 Apr 2007

Russia’s third largest cellular operator, MegaFon, has reported a 55% increase in net profit in 2006 to RUB6.424 billion (USD236.3 million) under RAS accounting guidelines. Profit for the fourth quarter fell 43% to RUB1.042 billion as a result of seasonal fluctuations in the country’s mobile market. The firm has still to announce full-year financials figures under US GAAP accounting standards. MegaFon had 30.1 million customers and a 19.8% market share at the end of 2006, according to TeleGeography’s GlobalComms database.

Russia, MegaFon