Millicom Quarterly Loss Narrows On Higher Sales

(RTTNews) - Millicom International Cellular S.A. (MICCF) reported net loss of $100 million or $0.98 per share in the second quarter, narrower than net loss of $115 million or $1.14 per share in the same quarter a year ago.

Revenue for the quarter increased to $1.089 billion from $970 million last year, helped by revenue growth in all business units.

Furthermore, the company today announced a share buyback program of up to $100 million in aggregate purchase price, or 5 million Swedish Depository Receipts until the next AGM in May 2022.

"Now, more than ever, I am confident that we are well positioned to deliver on our ambition to sustain midsingle-digit service revenue growth, mid-to-high single-digit EBITDA growth and OCF growth of about 10% over the medium term," said Millicom Chief Executive Officer Mauricio Ramos.