Millicom International Cellular (MIC), which provides mobile and cable broadband, TV and telephony services throughout Latin America and Africa under the ‘Tigo’ brand, has booked net losses of USD99 million for the quarter ended 30 June 2015, as foreign exchange movements and changes in the fair value of call and put options on minority interests – accounting for losses of USD45 million and USD40 million respectively – offset top line revenue growth of 17.8% year-on-year. Turnover for the three month period reached USD1.7 billion, up from USD1.4 billion a year earlier, buoyed in part by the consolidation of Une, although the inclusion of the expanded Colombian division also helped drive up operating expenses, which grew by 11% annually to USD67 million. EBITDA was up 17.2% y-o-y to USD561 million, but EBITDA margin edged down by 0.2 percentage points to 32.9%. Elsewhere, a 33.2% increase in depreciation and amortisation costs saw operating profits dip by USD2 million to USD223 million, whist other non-operating income fell from USD159 million in Q2 2014 to losses of USD94 million, although net financial costs remained unchanged y-o-y at USD89 million. As a result, net earnings for the period reversed from profit of USD186 million to a loss of USD99 million.
In operational terms, the group registered a total of 59.33 million mobile subscribers, up from 52.32 million a year earlier, although mobile ARPU has continued its downward trend, slipping to USD6.3 from USD7.6 a year earlier. Revenue generating units (RGUs) from its Cable and Digital division, representing its broadband and pay-TV operations, saw an explosion of growth, with 5.24 million RGUs at end-June 2015, compared to 1.34 million twelve months earlier.