Millicom Posts Adj. Loss In Q4; Sees Higher Adj. EBITDA, Revenue In 2016

(RTTNews) - Millicom International Cellular (MICC) reported an adjusted loss for the fourth quarter on lower revenues.

For the fourth quarter, the company's adjusted loss was $0.33 per share, compared to adjusted earnings of $0.41 per share in the year-ago period.

Adjusted EBITDA for the quarter was $551 million, down from $595 million in the prior-year quarter.

Revenue for the quarter declined 9.8 percent to $1.68 billion from $1.86 billion last year. However, organic service revenue for the quarter grew 5.9 percent on mobile data and cable growth.

During the quarter, the company added 1.4 million new mobile data users.

Looking ahead to fiscal 2016, Millicom International projects service revenue growth in mid-single digits and adjusted EBITDA growth in the mid to high single digits. The company also forecast improving cash flow.

At the AGM to be convened on 17th May 2016, the company's board will propose an ordinary dividend payment of $2.64 per share. The company reiterated its dividend policy for no less than $2 per share, and at least 30 percent of adjusted net profit.

Millicom said on 8 February 2016 that it has signed an agreement for the sale of its Tigo business in the Democratic Republic of Congo or DRC to Orange S.A. The transaction is subject to regulatory approvals. Millicom will sell 100 percent of the share capital in Oasis SA for a total cash consideration of $160 million.