MIC earns a USD132 million profit in Q2’08; acquires Amnet (Germany)
Millicom International Cellular (MIC) has reportedly achieved 33% increase in net profit to USD132 million in Q2’08. Revenues for the quarter rose 37% year-on-year to USD843 million, while EBITDA climbed 34% to USD352 million. At the end of June MIC claimed 28.5 million subscribers across its operations, up 58% on the same period of 2007.
The company had invested USD378 million in CAPEX during the quarter and a total of USD643 million in the first half year and, on the basis of the opportunity in the markets today, they raisied the year-end 2008 guidance for CAPEX to up to USD1.5 billion. With this investment they can continue to grow penetration in both Africa and Asia and to enhance our offering in Latin America with the launch of broadband services in the second half of the year.
In a separate announcement MIC says that it has agreed to acquire 100% of Amnet Telecommunications Holding (Amnet) for USD510 million. Completion of the acquisition, which is subject to customary approvals, is expected within three months.
