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    MegaFon net profit up 8.6% to 49 bln rbls

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    MegaFon, Russia's third largest mobile phone operator, posted an 8.6% year-on-year increase in its 2010 net profit to 49.172 billion rubles ($1.707 bln)to U.S. GAAP, MegaFon said on Thursday.

    MegaFon, Russia's third largest mobile phone operator, posted an 8.6% year-on-year increase in its 2010 net profit to 49.172 billion rubles ($1.707 bln)to U.S. GAAP, MegaFon said on Thursday.

    MegaFon's revenues in 2010 grew 18.5% to 215.515 billion rubles year-on-year, the operator said in a statement.

    The company attributed the positive financial indicators primarily due to higher operating profit, larger net interest income and lower losses from the exchange rate differences.

    MegaFon's OIBDA in 2010 grew 10.9% to 97.774 billion rubles, while OIBDA margin fell to 45.4% from the previous year's 48.5%.

    The operator's free cash flow in 2010 totaled 23.167 billion rubles, MegaFon said in its statement.

    The company's  fourth quarter 2010 net profit fell 8.2% to 12.66 billion rubles, which was caused by higher depreciation payments. Fourth quarter revenues rose 22% to 58.991 billion rubles.

    The fourth quarter OIBDA rose 13.5% to 26.108 billion rubles, while OIBDA margin also fell to 44.3% compared to 47.6% in the fourth quarter of 2009.

    "We are pleased with the company's financial results in the fourth quarter and in 2010. The company continues demonstrating high results; its consolidated revenues in the fourth quarter rose 22% year-on-year and reached a record-high level of 216 billion rubles in 2010," MegaFon Chief Executive Officer Sergei Soldatenkov said.

     

    MOSCOW, March 10 (RIA Novosti)

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