Logo of Phnom Penh Post newspaper Phnom Penh Post - VimpelCom in strong week following results

VimpelCom in strong week following results

VimpelCom in strong week following results

Beeline’s parent company VimpelCom ended last week on a high note after it released its latest quarterly report.

It climbed 5.4 percent on the New York Stock Exchange during the week, closing on Friday at US$14.55.

The Amsterdam-based firm claimed international net income of US$461 million for the fourth quarter 2010, compared with $283 million a year earlier, it said in a statement accompanying its earnings report released on Wednesday.

It lost US$9.8 million, before depreciation and amortisation, in the quarter in its mobile operations in Cambodia and Vietnam, according to the results.

VimpelCom CEO Alexander Izosimov said he was encouraged by its Cambodian operations at the end of 2010, claiming, “We managed to reverse the negative trends”, according to a transcript of a conference call from Seeking Alpha.

Other international mobile operators with interests in the Kingdom saw mixed results last week. Axiata Group Bhd – the owner of Hello – increased 3.1 percent in Kuala Lumpur trading, closing Friday at 4.87 ringgit (US$1.61), while Mfone majority owner Thaicom declined less than 1 percent in Bangkok last week.

Meanwhile, Air France KLM barely budged in Paris trading, as it resumed flights to Cambodia on Thursday after a hiatus of 37 years.

The firm closed on Friday at 11.65 euros (US$16.57), down 1 cent from its Monday open. It had increased to over 12 euros during the course of the week, before dropping on Friday after Reuters news agency claimed it was increasing fares on some routes, and Citigroup analysts downgraded the firm from a “buy” to a “hold”.

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