MegaFon says subscriber growth pushes profits

29 Sep 2008

Russia’s third largest cellular operator by subscribers, MegaFon, has reported net income of RUB10.1 billion (USD405 million) for the second quarter of 2008, up 22.1% year-on-year. Revenues rose 23.8% to RUB42.4 billion, while EBITDA was up 13.6% at RUB20.5 billion. Commenting on the results, CEO Sergei Soldatenkov said: ‘MegaFon continues to show strong growth, mainly through strong increases in our subscriber base.’ He added: ‘We continue to move towards our goal: to become the largest Russian cellular operator in terms of revenues.’ MegaFon claimed 38.9 million customers at the end of June, giving it a 22.4% share of the Russian mobile market according to TeleGeography’s GlobalComms database.

Russia, MegaFon