Source Pravda.Ru

VimpelCom to see rise in net profits in Q3, 2002

Net profits of the Russian mobile operator VimpelCom are expected to rise 43 percent in the third quarter of 2002 against the second quarter of this year and total $31m, analysts from the NIKoil investment and banking group reported. They explained that this rise in net profits would be possible due to a rise in the number of subscribers by 20 percent in the third quarter against the second quarter. According to expert estimates, the number of VimpelCom's subscribers amounted to 3.3 million in Moscow and 700,000 in regions by the end of the third quarter of this year.

However, experts forecast a fall in the company's EBITDA due to losses in VimpelCom's subsidiaries. However, in the future, EBITDA of VimpelCom is expected to remain at 40 percent due to rapid expansion on regional markets, NIKoil specialists reported.

VimpelCom's net profits amounted to $28.455m in the first nine months of 2001.

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