MIC posts strong first quarter results

20 Apr 2011

Millicom International Cellular (MIC) has posted revenues of USD1.1 billion for the first quarter of 2010, up 13.4% year-on-year after strong performance from value added services. The Luxembourg-based company, which specialises in emerging markets, said that in local currencies revenue growth was the highest since 2008. EBITDA came in at USD509 million, comfortably up on the USD451 million recorded during the corresponding period of last year. ‘Given our strong performance in Q1 and our confidence in the business outlook for 2011, we are raising our EBITDA margin guidance to above 45% for the full year and our operating free cash flow margin guidance to the high teens,’ the company said. MIC also revealed that stabilising ARPUs had helped contribute to the strong results. ARPU in Central America – MIC’s largest market area by subscribers – turned positive for the first time in several years, and the decline in ARPU among its African subsidiaries slowed. ‘That’s basically our ambition – to hold or grow ARPU,’ CEO Mikael Grahne said.

Luxembourg, Millicom International Cellular (MIC)