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March 1 2006

Mobile network operator Millicom says it boosted subscriber numbers with a 1.02 million subscribers in the fourth quarter, boosting revenues by 15 percent on annual basis to USD 294 million.

At the end of January it had 9 million subscribers.

The Total subscribers at its mobile operations in Africa, Latin America and Asia rose 16 percent over the full year to end 2005 at 8.93 million. 

Revenue growth in the fourth quarter was driven by Central America and especially Guatemala, as well as the successful launch of the Tigo GSM brand in Latin America, which is now being extended to Africa. EBITDA increased 5 percent to USD 130 million, with growth held back by start-up costs in Africa and the end of operations in Vietnam.

Net profit fell to USD 14 million from 25 million a year earlier, due mainly to asset write-downs.

Millicom plans to boost capital expenditure by 50 percent this year from USD 354 million in 2005, in order to further expand its networks. It is also focusing on improving network technical problems in Pakistan which have held back growth amid tough competition there.