Millicom Turns To Profit In Q1, Revenues Down; Sees Adj. EBITDA Growth In FY16

(RTTNews) - Millicom International Cellular (MICC) reported Tuesday that its first-quarter net profit was $43 million, compared to loss of $46 million a year ago.

Adjusted net profit was $22 million, compared to profit of $38 million last year.

Adjusted EBITDA fell 3.6 percent to $550 million, while adjusted EBITDA margin improved 1.8 percentage points to 36%.

First-quarter revenues declined 8.5 percent to $1.53 billion from $1.67 billion a year ago. Service revenues dropped 6.4 percent to $1.44 billion.

Organic revenue growth was 2.1 percent. Organic service revenue went up 4.1%.

Looking ahead, for fiscal 2016, the company's outlook remains as service revenues expected to grow mid- single digit and adjusted EBITDA to grow mid to high single digit.

Further, the company reiterated its dividend policy for no less than $2 per share, and at least 30% of adjusted net profit.