November 8, 2018 / 8:22 AM / a year ago

UPDATE 1-Veon's Q3 sales, core profit fall on currency volatility

(Adds company comments)

AMSTERDAM, Nov 8 (Reuters) - Veon, the telecommunications company formerly known as VimpelCom, said on Thursday its third-quarter core earnings fell nearly 19 percent from a year earlier due to currency fluctuations in its core markets.

Earnings before interest, taxation, depreciation and amortisation (EBITDA) fell to $848 million, while revenue dropped 5.7 percent $2.3 billion, Veon said in a statement.

The fall was “largely due to currency headwinds amounting to $289 million in Russia, Pakistan and Uzbekistan,” it added.

Revenue on an underlying basis rose 2.9 percent, it said.

The mobile phone operator has tried in recent years to reinvent itself as a new high-tech player, in the hope of making money from apps and service commissions instead of classic voice and data subscriptions.

But this year it reshuffled management and sold its 50 percent stake in the Italian Wind Tre joint venture with CK Hutchison Holdings Ltd, the business that was leading the strategy change.

In the third quarter, sales fell in Russia, Algeria, Bangladesh and Uzbekistan, while rising in Pakistan and Ukraine. (Reporting by Anthony Deutsch; Editing by Subhranshu Sahu and Mark Potter)

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