Millicom International Cellular (MIC), which offers mobile and cable broadband in Latin America via the Tigo brand, and mobile services in selected African markets, has reported quarterly revenue of USD1.1 billion for the three months ended 31 March 2019, up 5.1% year-on-year. Operating profit, meanwhile, climbed 2.9% to USD165 million in Q1 2019, while MIC recorded net income of USD14 million for the three months under review, down 16.3% from USD17 million in the year-ago period.
In operational terms, MIC reported that its Latin American mobile user base climbed 2.3% on an annualised basis, to reach 33.891 million at 31 March 2019. LatAm 4G customers surged 36.3%, to 10.756 million, while the number of HFC customer relationships jumped 32.3% to 3.200 million. The group’s African unit – which now comprises operations in Tanzania and Chad (pending regulatory approval for the sale of Tigo Chad) – accounted for 15.879 million subscribers as of 1Q19.
Millicom CEO Mauricio Ramos commented: ‘The strong operating momentum we enjoyed throughout 2018 has continued into Q1 2019, as we delivered solid KPIs and organic growth, in line with our full year targets. In particular, I am pleased to report that the significant investments we have made in Colombia and Bolivia over the past several years are now beginning to produce faster revenue growth and rising levels of profitability. Meanwhile, in Panama, the recently-acquired Cable Onda is performing very well, in line with our plans. We made significant strategic progress during the quarter with the agreement reached to acquire Telefonica’s mobile assets in Costa Rica, Panama, and Nicaragua. This transaction complements our cable operations in these countries and reshapes the industry landscape in the region. We also announced an agreement to divest our operations in Chad, consistent with our strategy of re-deploying our capital in Latin America.’