MegaFon profits up 70%

21 Apr 2008

Russia’s number-three cellco, MegaFon, has reported net profits of USD1.4 billion for 2007, up 70% year-on-year. Consolidated revenues grew 53% to reach USD5.7 billion, while gross profit was up 51% at USD4.6 billion. Net profit for the fourth quarter stood at USD375 million, a 55% increase from Q4 2006. Fourth-quarter revenues rose 41% to USD1.6 billion. MegaFon had 35.66 million subscribers and a 21.8% share of the Russian mobile market at the end of 2007, according to TeleGeography’s GlobalComms database.

Russia, MegaFon