VimpelCom Profits Jump on Currency Fluctuations

­Russia's VimpelCom has reported a more than doubling in its 3rd-quarter profits to RUB 13.51 billion (US$470 million) from RUB 6.51 billion a year ago. However, this was below analyst expectations as the company was expected to make a much higher gain from foreign exchange movements.

Revenues in the quarter grew to RUB 71.33 billion (US$2.48 billion) from RUB68.93 billion a year earlier.

The number of active mobile subscribers reached 65.4 million, which is 13% up on the previous year.

Commenting on the performance of the Company, Boris Nemsic, Chief Executive Officer of VimpelCom, said, "During the third quarter we continued to demonstrate growth in challenging market conditions and delivered a record 71.3 billion rubles in revenues and 36.0 billion rubles in OIBDA with a consolidated fixed and mobile OIBDA margin of 50.4%."

"We are particularly pleased with the OIBDA performance which demonstrates our ability to increase revenues and control costs in the new economic environment."

Posted to the site on 24th November 2009