Luxembourg’s Millicom International Cellular has announced revenues of USD1.12 billion for the second quarter of 2011, a year-on-year increase of 14.6%. The group reported a net profit of USD175 million for the period, a 23% decrease on the previous three months, but an increase of 30.1% on the previous year’s second quarter. CAPEX nearly doubled against the previous quarter, jumping from USD85 million to USD150 million. Compared to the same period in 2010, CAPEX as a proportion of revenue stayed stable at 13.5%. MIC saw a 12% increase in its mobile subscribers year-on-year, passing the 40 million mark and bringing the group’s total to 41.3 million at 30 June 2011. Africa saw the greatest increase in customers, where MIC added 1.04 million new subscribers, 70% of the total additions for the period.
Millicom’s President and CEO, Mikael Grahne said in the report that MIC’s mobile financial services such as ‘Tigo cash’ and ‘Tigo lends you’ and continued uptake of data usage are expected to drive sustainable growth. Data services account for 10% of MIC’s revenues from Latin America, and half of the growth for the region.