MIC books Q2 profit of USD46m on Chad sale and LatAm purchases

19 Jul 2019

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 booked revenue of USD1.05 billion for the three months to end-June 2019, an increase of 5.4% year-on-year, which the group attributed to the integration of Cable Onda (acquired in December 2018) in Panama and its acquisition of Telefonica Celular de Nicaragua (completed in May 2019). Operating profit was down 34.5% y-o-y to USD110 million, however, on the back of higher operating, depreciation and amortisation expenses. Net profit for the period was USD46 million, with earnings from the sale of its Chadian division offsetting the impact of higher financial costs, and losses from other joint ventures.

Across its Latin American operations, the company counted a total of 37.16 million mobile customers, up from 33.89 million in March 2019, of which 11.95 million were 4G customers (10.76 million in Q1). HFC homes passed rose to 10.96 million from 10.72 million three months earlier. HFC customer relationships and RGUs reached 3.29 million and 6.54 million respectively for the period, compared to 3.20 million and 6.32 million at end-March 2019.

Luxembourg, Millicom International Cellular (MIC)