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”.

MOST VIEWED

  • Temi tourism project approved by the CDC

    The $500.4 million Tourism, Ecological, Marine and International (Temi) tourism project has been approved by the Council for the Development of Cambodia (CDC), according to a notice on its Facebook page on Monday. The project is part of Chinese-owned Union City Development Group Co Ltd’s (

  • Rainsy will return at ‘favourable time’

    Opposition figure Sam Rainsy on Saturday suggested he would not return to Cambodia as he had previously promised, saying that like liberators King Father Norodom Sihanouk and Charles de Gaulle, he would only do so at a “favourable time”. “I will go back to Cambodia

  • US Embassy urged to stop ‘disrespecting sovereignty’

    The Ministry of Foreign Affairs and International Cooperation called on the US Embassy in Phnom Penh on Saturday to respect the Vienna Convention on Diplomatic Relations after it called former opposition leader Kem Sokha “an innocent man” – a move deemed to be “disrespecting Cambodia’s

  • NagaWorld casino sees net profit of more than $390M last year

    Phnom Penh’s NagaWorld casino posted a 53 per cent net profit increase last year at $390.6 million, a sum which is almost equal to the combined net profit of all Cambodian commercial banks in 2017. NagaWorld’s parent company, NagaCorp Ltd, is listed on the Hong Kong