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MegaFon announces Q1 2015 financial results

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MOSCOW, Apr 29 (Rustele.com) -- Russia's second-biggest mobile phone operator MegaFon said on Wednesday its first-quarter net profit rose 2.4%, year-on-year, to 7.402 billion rubles ($143.55 million), boosted by income from cash deposits.

Revenue decreased 1.2% to 73.983 billion rubles and operating income before depreciation and amortization (OIBDA) fell 1.7% to 31.964 billion rubles, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement.

Revenue from mobile data transfer rose 10.4% to 17.855 billion rubles.

Megafon also confirmed its guidance for flat revenues in 2015 and the OIBDA margin at 43.2%. It recommended paying 10 billion rubles in dividends for 2014, or 16.13 rubles per share.

The company will decide in October on an additional dividend payment with the aim of returning a total of 40 billion rubles to shareholders in 2015, in line with 2014, Megafon added.

Capital expenses shrank 3.1% to 8.093 billion rubles. Free monetary flow was at 12.109 billion rubles.

The company’s net debt stood at 129.063 billion rubles as of March 31.

The number of subscribers rose 3.3% on the year to 72 million.

“Despite a complicated economic situation in the first quarter of 2015, MegaFon showed very good results by demonstrating growth of the net profit and the OIBDA margin that significantly exceeded the earlier guidance for 2015. These results were achieved thanks to high performance in the key business segment of MegaFon, mobile data transfer, as well as the application of initiatives in the management of obligations and currency risks,” general director Ivan Tavrin said.

(52.3041 rubles – U.S. $1)

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