Millicom Q1 Net Profit Declines; Revenue Up 4.5% On Organic Basis

(RTTNews) - Millicom (Tigo) reported first quarter net profit to owners of the company of $23 million, or $0.23 per share compared to $42 million or $0.41 per share share, last year. The company said the decline largely reflects the incremental tax provision in first quarter of 2022 as well as the one-off other non-operating profit in first quarter of prior year. Profit for the period from continuing operations increased to $29 million from $9 million.

Revenue increased 40.9% year-on-year to $1.41 billion, fueled by positive organic growth in all business lines and countries, which more than offset the impact of weaker currencies in some countries. Excluding the impact of the Guatemala acquisition and currency movements, revenue increased 4.5% on an organic basis.