MegaFon posts 20 pct rise in earnings ahead of IPO

MOSCOW Thu Nov 8, 2012 10:10am GMT

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MOSCOW Nov 8 (Reuters) - Russia's No.2 mobile phone operator MegaFon, which plans to float shares in London and Moscow, reported on Thursday a 20 percent year-on-year rise in third-quarter net profit, helped by lower costs and increased sales.

Net profit totalled 14.9 billion roubles ($472.83 million), up 19.6 percent from 12.5 billion roubles in the same period of 2011, MegaFon said in a statement.

Revenues grew by 12.3 percent to 71.2 billion roubles, and operating income before depreciation and amortisation rose 21.1 percent to 32.1 billion for a 45.1 percent margin, MegaFon said.

The company last month delayed a roadshow for its IPO, expected to raise around $2 billion, in order to include third-quarter results in the IPO prospectus.

The company is aiming for an IPO this year. However, several sources familiar with the matter said on Wednesday it may have to delay the sale until 2013 if it does not get the green light from UK regulators promptly.

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