Millicom International Cellular (MIICF.PK) reported first quarter net profit of $95 million, or $0.93 per share, lower than $259 million, or $2.45 per share, last year. The prior-year results have been restated for the impact of accounting for the Honduras put option under IAS 32.
Normalized Net Profit fell to $159 million or $1.56 per share from $183 million or $1.73 per share in the comparable period a year ago.
Group Revenue was up to $1.17 billion from $1.08 billion in the prior-year quarter. Organic local currency revenues weer up 8.4% year-over-year.
Mikael Grahne, President and CEO of Millicom commented,
"In the first quarter of 2012, we accelerated our investments in our new organization structure, in our networks and in our product offering, including through pricing initiatives...
This quarter group revenue grew 8.4% over Q1 2011 when we recorded our highest quarterly growth rate of the past three years. Our strategy to focus on innovation in products and services is delivering strong results again this quarter. More than 80% of our growth is derived from products and services that did not exist three years ago..."
Looking forward, in line with its achievements over the past two years, in 2012, the company again aims to strike the right balance between top line growth, profitability, cash flow generation and Return on Invested Capital. Millicom expects the EBITDA margin to be around the mid-40s and operating free cash flow margin to be around 20% of revenues. The company anticipates capex in 2012 to increase versus 2011 while remaining below 20% of revenues, as it invests further in data capacity and in IT and billing platforms.
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