Vimpelcom reports RUB8.5 billion net loss

29 May 2009

Russian telecoms group Vimpelcom has posted a net loss of RUB8.51 billion (USD273.7 million) for the three months ended 31 March 2009, compared with a RUB14.58 billion profit in the same period a year earlier. Revenues for the quarter climbed 31% year-on-year, up to RUB66.84 billion. However, income was reduced by RUB23.6 billion as the depreciation of the rouble affected the company’s foreign currency debt. ‘We think that the most recent macroeconomic developments, if maintained, give us reason for cautious optimism,’ said CEO Boris Nemsic, describing the effects of the recession as ‘relatively minor. Vimpelcom added 1.7 million net new subscribers to its group operations in 1Q 2009, with 62.7 million wireless users at the end of March.

Russia, Beeline (Russia), VEON