Millicom reports 3Q results

20 Oct 2010

Latin America and Africa mobile group Millicom International Cellular (MIC) has reported a 13% increase in 3Q revenues to USD1.018 billion, the first time it has broken the billion dollar milestone, thanks to continued strong growth in its customer base. The company finished September with 37.4 million customers across its operations, up from 36.73 million at the end of Q2 and 31.86 million a year earlier. 3G and value added services in Latin America helped drive growth, with an 18% sequential increase in 3G data users in the region to 1.5 million. The group’s micro-credit initiative ‘Tigo Lends You’, which offers airtime on credit, was rolled out to most markets in the first half of 2010 and was used almost 180 million times in nine months, with 36 million uses in September alone. The Tigo cash money transfer service has also been launched in Tanzania and Paraguay and will be rolled out to other markets in the last quarter of the year. MIC’s quarterly EBITDA improved 16% year-on-year to USD484 million, while net profit jumped to USD1.2 billion thanks to a one-time gain of USD1.06 billion from a revaluation of the company’s Honduras operation.

Luxembourg, Millicom International Cellular (MIC)