MegaFon on the up

16 May 2007

Russia’s third largest cellular operator, MegaFon, has reported a 25.2% year-on-year rise in first-quarter revenues to RUB8.91 billion (USD345.8 million). Gross profit was up 15.5% to RUB4.3 billion, while operating profit grew 6.6% to RUB2.33 billion. MegaFon, whose shareholders include TeliaSonera (35.6%), TelecomInvest (31.3%), CT-Mobile (25.1%) and IPOC International Growth Fund (8%), had 31.06 million subscribers at the end of March according to TeleGeography’s GlobalComms database.

Russia, MegaFon