Multinational telecoms group VEON reported consolidated revenues of USD2.254 billion in Q4 2019, up 0.2% year-on-year, with quarterly EBITDA reaching USD935 million, up 13.1% adjusted for IFRS16 accounting standards. The group’s subscriber base grew 1.2% y-o-y to 212 million at 31 December 2019, with CAPEX for the fourth quarter reaching USD682 million. On an organic (local currencies) basis, Q4 revenue decreased by 0.2% y-o-y, with service revenue decreasing 0.6% organically (reflecting the impact of regulatory changes in Pakistan) although VEON highlighted that mobile data revenue rose organically by 17.7% y-o-y driven by Ukraine (up 26.7%), Pakistan (up 26.6%) and Bangladesh (up 18.6%) on the back of ongoing 4G investments. EBITDA grew organically 12.5% y-o-y, with profitability driven by Pakistan, Ukraine and Uzbekistan operational performances coupled with successful cost control across the group. However, VEON added that business performance in its largest market Russia ‘remains challenging’ and that reversing the negative revenue trend of recent quarters remains a key priority. The company expects that measures taken to improve the quality of networks, optimise its distribution footprint and reconfigure customer offers ‘will yield results towards the latter part of 2020’.