MIC bottom line hit by growing investment and expenses, subscriber growth remains strong

12 Feb 2013

Millicom International Cellular (MIC), which operates in Africa and LatAm under the Tigo brand has booked an 8.0% increase in revenue for FY2012 to USD4.81 billion. However, increased spending, taxes, and operating costs saw net profit for the year decline to USD504 million, from USD1.13 billion a year earlier, whilst operating profit dropped to USD1.10 billion from USD1.26 billion. Meanwhile, CAPEX increased from USD825 million to USD922 million as the group increased its focus on data networks and services. MIC ended the year with 47.23 million wireless subscribers, including 6.35 million mobile data users, compared to 43.09 million in Q4 2011.

Luxembourg, Millicom International Cellular (MIC)