04 June 2004 01:49
Megafon increases EBITDA 71% in Q1
Revenue doubled to $272.83 million.
"Our investment will exceed $650 million this year, compared with
MOSCOW. June 4 (Interfax) - Megafon increased earnings before interest, taxes, depreciation and amortization (EBITDA)
71% year-on-year in the first quarter of 2004 to $111 million, according to preliminary unaudited accounts to U.S. GAAP,
the company said in a press release.
$400 million in 2003. We are sure that such investment can strengthen our position in those regions where we are
completing license territory development, and to continue developing Siberia and the Far East," Megafon General
Director Sergei Soldatenkov said in a press release.
Megafon expects its subscriber base to top 12 million and that revenue will reach $1.3 billion in 2004.
Shareholders are Sonera Holding BV with 26%, Telia International Management with 1.73%, Telia International AB with
6.37% (all three are part of the TeliaSonera group), Telecominvest with 31.3%, CT-Mobile with 25.1%, Contact-S with
1.5%, IPOC International Growth Fund Limited with 6.5%, and Harborne Group with 1.5% (both based in Bermuda).
Megafon's license territory covers all of Russia. The company has 8.3 million customers. [RU ASIA EUROPE EEU EMRG
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