Millicom reports third quarter results

Millicom International Cellular (MIC), the telecoms group with operations in twelve countries across Africa and Latin America, has posted revenues of USD856.2 million for the third quarter of 2009, a 7% increase year-on-year. The growth is partly attributable to strong performance at Amnet, the company’s cable and broadband unit, as well as its African subsidiaries. Net income, however, slipped 11.5% to USD142.7 million on the back of higher interest expense and taxes. The results exclude operations in Cambodia, Laos and Sri Lanka, which Millicom agreed to sell earlier this month. The full divestment of all three subsidiaries is expected to take place by the end of 2009, generating approximately USD565 million in cash for the company. Chief Financial Officer Francois-Xavier Roger said the company was looking at acquisitions and bidding for new licences in Africa and Latin America. ‘We have nothing well advanced at this stage, but we have a few opportunities that we continue to discuss with third parties,’ he stated.