VimpelCom posts 1Q 2011 net income of $589.7 billion

Russian mobile operator, VimpelCom, has posted a 1q 2011 net income of $590 billion under US GAAP.

The bottom line is up 55% year on year from the $382 billion net income posted for 1Q 2010, with 1Q 2011 adjusted OIBDA up 16.2% year on year to $1.2 billion, on the back of a 22.9% increase in net operating revenues to $2.743 billion.The company attributed solid financial performance to growth in all segments of company business: 3.4% growth in mobile subscriptions to 53 million, 21% increase in mobile revenues, 156.5% year on year growth in fixed-line broadband subscriptions. VimpelCom successfully finalized the deal acquiring global mobile operator Wind Telecom on April, 15 2011, thereby expanding the company’s operations in South-East Asia, providing network coverage for up to 57% of the population in each country of operations.