Tags:Millicom

Millicom International Cellular has reported a 59% increase in its subscriber base in Q1 08 compared to a year ago - bringing its total base to 26 million customers. The company also reported a 42% increase in revenues for Q1 08 to $801 million and a 78% increase in net profit for Q1 08 of $158 million.

Marc Beuls, CEO of Millicom, commented; ＾Millicom recorded the second best quarter in its history in terms of net subscriber additions, adding 2.8 million in the quarter, following the exceptional final quarter of 2007. We are also particularly pleased with the first quarter year-on-year revenue growth of 42%, which is higher than the 41% growth in the previous quarter, and with the net profit of $158 million for the quarter, reflecting a very strong margin of 20%.

＾Given that Q1 has historically been the weakest quarter of the year, owing to the seasonality of our business, our results show that we have achieved real traction across our markets as a result of sustained and heavy investment in sales and marketing, distribution and our networks in the last few years. It is encouraging to see the EBITDA margin improve to 42% from 40% in the previous quarter given this high level of investment. In 2008 it is our intention to increase capex still further and we are forecasting capex in excess of one billion U.S. dollars for the year, which underlines our belief that we can continue to grow both our subscriber base and market share as the penetration rates rise across all our markets.￣

Millicom International Cellular is a global telecommunications group with mobile telephony operations in Asia, Latin America and Africa. It currently has mobile operations and licenses in 16 countries.


Source:cellular-news