NII Holdings, a provider of mobile services for business customers in Latin America with operations in Argentina, Brazil, Chile, Mexico and Peru operating under the Nextel brand, reported strong results for the first quarter of 2008. The company added 321,700 new subscribers taking its subscriber base past the five million mark representing a 35% increase from the first quarter of 2007. Blended monthly ARPU was USD58 for the first quarter, similar to the same period last year. Churn rose slightly to 1.8%, up from a monthly rate of 1.6% in the first quarter of 2007.
Operating revenues of USD993 million were a 39% increase over the same period last year, while OIBDA of USD286 million was up 36%. Consolidated operating income was USD192 million, a 34% increase, and net income stood at USD114 million. Operating income was USD30.7 million in Argentina, USD49.4 million in Brazil, USD 137.3 million in Mexico and USD7.1 million in Peru. Consolidated capital expenditures of USD192 million was largely related to investments in network capacity and quality, but also investments in geographic expansion. The company added about 200 new cell sites in the quarter, primarily in Brazil and Mexico.