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NII Holdings Quarterly Profits Doubled

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NII Holdings the Latin American mobile network that operates under the Nextel brandname says that it added 403,000 net subscribers to its network in the first quarter of this year, bringing its ending subscriber base to more than 9.4 million.

Revenues rose 26% to USD1.62 billion, while net income jumped to US$97 million, compared to $48.5 million a year ago.

The company continued to invest in the expansion of the coverage and capacity of its networks reporting consolidated first quarter 2011 capital expenditures of $218 million, of which $135 million was invested in Brazil and Mexico.

"We are excited about the way we started the year, delivering record levels of OIBDA and strong subscriber growth during the first quarter," said Steve Dussek, NII Holdings' chief executive officer.

NII Holdings' consolidated average monthly service revenue per subscriber (ARPU) was $49 for the first quarter of 2011, up $2 when compared with the same period last year, driven by improving local currency exchange rates. The company also reported churn of 1.61 percent for the first quarter, a slight improvement over the level reported for the same period last year. Consolidated cost per gross add (CPGA) was $286 for the first quarter of 2011, up $8 compared with the first quarter of 2010.

The company ended the quarter with approximately $3.6 billion in total long-term debt and $3.0 billion in consolidated cash and investments, resulting in net debt at the end of the quarter of approximately $605 million.

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