Millicom Swings To Profit In Q3

(RTTNews) - Millicom International Cellular S.A. (MICC), a telecommunications and media company, on Thursday reported a turnaround to profit for the third quarter, driven by higher revenue generation, lower amortization expense, and a significant reduction in net interest expense.

The Luxembourg-headquartered company reported a profit of $5 million or $0.05 per share for the quarter ended in September, compared to a loss of $51 million or $0.50 per share, reported for the same period, year ago.

Owing to higher demand for the telecommunication, media products and services, the firm recorded an operating profit of $197 million for the three-month period ended on September 30, higher than $97 million, reported for the same thirteen-week period of 2020.

The company posted its amortization and interest expenses at $57 million and $80 million, respectively, for the 90-day period, compared to $88 million and $93 million, reported last year.

For the September quarter, operating expenses of the European firm have also fallen to $400 million, from $369 million, recorded for the July to September period of 2020.

Following a strong demand amidst Covid-19 related hurdles, Millicom witnessed a rise in its quarterly revenue by 6.5 percent to $1.09 billion, compared to the third quarter of last fiscal.