VEON IFRS profit falls 37% to $214 mln in Oct–Dec 2022

MOSCOW, Mar 16 (PRIME) -- The profit of Amsterdam-based VEON, the sole owner of Russian mobile operator VimpelCom, decreased by 37.3% on the year to U.S. $214 million in October–December 2022, as calculated under International Financial Reporting standards (IFRS), the company said on Thursday.

The profit attributable to VEON’s shareholders plunged by 33.1% to $200 million.

Revenue shrank by 4.9% on the year to U.S. $940 million. Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 1.2% to $453 million. Capital expenditures decreased by 5.1% to $263 million.

In 2022, VEON posted a loss of $164 million against a profit of $801 million a year earlier. The company also showed a loss attributable to the shareholders of $317 million against a profit of $674 million a year earlier.

Revenue fell by 2.4% in 2022 to $3.755 billion. EBITDA lost 5.3% to $1.743 billion. Capital expenditures added 2.9% to $832 million.

The net debt narrowed by 45.1% to $4.461 billion.

The number of total mobile customers went up 2.7% to 160.5 million.

End