MegaFon profits rise in 2008

23 Apr 2009

Russia’s third largest mobile operator by subscribers MegaFon has announced a 30.5% rise in net profits, up to RUB44.32 billion (USD1.3 billion) for the year ended 31 December 2008. Chief Executive Sergei Soldatenkov said, ‘We have thoroughly managed the structure of our expenditures in response to the slowdown in economic growth.’ The company reported EBITDA of RUB88.1 billion. MegaFon’s subscriber base grew 22% to 43.3 million at the end of the year, giving the cellco a 23.05% market share.

Russia, MegaFon