Millicom Reports Profit In Q2 On Guatemala Acquisition, Business Growth

(RTTNews) - Millicom International Cellular S.A. (MICCF) Thursday reported second profit of $129 million, compared to loss of $100 million in the prior year. Loss from continuing operations was 6 million, compared to $101 million a year ago. The company attributed the growth in profit to the Guatemala acquisition and growth in all countries and business lines.

The digital lifestyle company's revenue for the quarter increased 44.6 percent to $1.447 billion from $1.001 billion a year ago. On an organic basis, revenues were up 5.5 percent.

Mobile ARPU was slightly up at $6.2 million from $6.1 million in the comparable period, while Home ARPU declined to $27.3 million from $27.5 million last year.

Looking ahead, the company reconfirmed the financial targets of organic OCF growth of around 10 percent per year on average and cumulative EFCF of between $800 million and $1 billion over the next three years. For the remainder of 2022, the company expects organic OCF growth to accelerate significantly, achieving full-year 2022 organic OCF growth of around 10 percent.