MegaFon posts Q3 profit decline

Russia’s MegaFon has today revealed a year-on-year Q3 net profit decline of 16.5%, despite reporting a growth in sales.

The country’s second-biggest mobile operator reported a net profit of 12.8 billion roubles ($295.4 million) for Q3, a drop from 15.3 billion roubles last year.

MegaFon named increased depreciation and amortisation charges due to network roll-outs, as well as the acquisition of Scartel, as contributing factors of the decline.

However, sales at the company jumped 4.5% year-on-year to 8.11 billion roubles, and MegaFon confirmed projections of 6-8% sales growth overall in 2014.

The company also said that it had a core profit margin forecast of at least 44% for the year.

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