MOSCOW -(Dow Jones)- OAO Megafon (MGF.YY), Russia's third-largest wireless provider, said Wednesday its net profit in 2004 surged 74% to $172 million.
Megafon released its headline results in a press release, but hasn't yet published its full report of earnings based on U.S. Generally Accepted Accounting Principles.
Earnings before interest, taxes, depreciation and amortization, or EBITDA, rose 72% to $621 million.
Revenues surged 82% to $1.48 billion, largely reflecting the overall growth experienced by Russia's wireless industry last year.
Megafon, which is closely held, issues international accounts annually to satisfy the requirements of its Eurobond covenant. Scandinavian telecommunications company TeliaSonera AB (TLSN.SK) owns 44% of Megafon. Russian financial industrial holding Alfa Group (ALFAGP.YY) is embroiled in a dispute with TeliaSonera over ownership of the Russian asset.
First-quarter figures published by rivals OAO Mobile TeleSystems (MBT) and OAO Vimpel Communications (VIP) revealed that growth in the sector is slowing.
Company Web site: http://www.megafon.ru
-By Anna Raff, Dow Jones Newswires; +7 095 974 80 55; anna.raff@dowjones.com
(END) Dow Jones Newswires"
Posted to the site on 29th June 2005
Posted to: www.cellular-news.com/story/13296.php