Bloomberg News

Tele2 Meets Sales, Profit Estimates on Russian Expansion

October 19, 2011

Oct. 19 (Bloomberg) -- Tele2 AB, Sweden’s second-largest telephone company, reported third-quarter profit in line with estimates as it expanded in Russia.

Net income was 1.26 billion kronor ($190 million), declining from 2.48 billion kronor a year earlier when it booked a tax gain. Revenue from continuing operations gained 3.4 percent to 10.3 billion kronor from 10 billion kronor last year. Analysts had anticipated net income of 1.28 billion kronor on sales of 10.3 billion kronor.

Tele2 expanded its market share in Russia, Chief Executive Officer Mats Granryd said in a statement today. The operator signed up 681,000 new Russian customers in the quarter through channels including food stores and post offices, bringing its base in the country to 20.4 million.

“Tele2 Russia will keep looking for possibilities to carefully expand its operations through new licenses as well as by complementary acquisitions,” the company said in the statement.

--Editors: Thomas Mulier, Jerrold Colten

To contact the reporter on this story: Diana ben-Aaron in Helsinki at dbenaaron1@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net


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