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 Thursday, October 30, 2008

Millicom International Cellular (Millicom) has reported its third quarter results along with the analysts’ forcast. But the cellco has admitted that the revenue growth is sluggished due to global economic crisis. It has wireless subsidiaries in 16 emerging markets around the world, said EBITDA for the third quarter rose 25% year-on-year to USD369 million while net profit for the period rose 17% to USD161 milion. Further the firm added that it would reduce investment in the coming year, forecasting a CAPEX figure of ‘less that USD1.5 billion’ in 2008 and a substantially lower figure again for 2009. According to CEO Marc Beuls, the company had decided to put off an early redemption of the USD460 million 10% 2013 Notes, strengthening its balance sheet by reducing short term debt and increasing long-term debt.

Millicom has ended this period with 30.59 million subscribers to its subsidiaries with the addition of 2.1 million new customers in the third quarter of 2008 alone.

Source: Wireless Federation.