Veon losses grow, but Russia recovering

first_img AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 14 MAY 2018 Author Veon said it had seen a “good operational performance” in Russia, Pakistan and Ukraine, although currency issues took their toll on the company’s numbers.The company’s loss attributable to shareholders in Q1 2018 was $109 million, compared with $5 million in the prior year, on revenue down 1.4 per cent to $2.25 billion. On an organic basis, excluding foreign exchange and M&A, revenue increased 3.2 per cent.It cited a “significant devaluation” of the currencies in Uzbekistan and Pakistan. In addition, earnings were impacted by integration costs for the acquired Euroset retail business.Veon also said its performance in Algeria and Bangladesh “remains under pressure”, while stating “there is an indication that our turnaround plans for these markets are on track and are likely to show operational improvements towards the back-end of the financial year”.Revenue in Veon’s biggest market – Russia – increased 2.9 per cent to RUB66.35 billion ($1.1 billion), driven by a 3.7 per cent increase in mobile revenue to RUB54.28 billion. Fixed line revenue, in contrast, decreased by 8.2 per cent to RUB8.87 billion.The company has also seen some significant events in recent months. Jean-Yves Charlier, who had been CEO for three years, stood down, with Veon seeking a replacement; and the company dropped a tender offer for the shares it does not own in Global Telecom Holding, after approval from the Egyptian authorities was not forthcoming.It also offloaded its operation in Laos to the country’s government and is set to exit Tajikistan.Veon’s operating units in Ukraine and Bangladesh picked up 4G spectrum, with the launch of services in these market in Q1 meaning it is now offering LTE in all of its operating countries.The company ended the opening quarter with 210.5 million mobile subscribers, up 1.8 per cent year-on-year, with growth driven by Pakistan, Bangladesh and Ukraine, against declines in Russia. Tags Q1 earningsVeon Previous ArticleTele2, Telia to phase out 3GNext ArticleFacebook suspends 200 apps in security clamp down Asia Xiaomi smartphone surge bears fruitscenter_img Steve Costello Axiata Group cautious on earnings Subscriber, ARPU gains drive Indosat profit Steve works across all of Mobile World Live’s channels and played a lead role in the launch and ongoing success of our apps and devices services. He has been a journalist…More Read more Related Home Veon losses grow, but Russia recoveringlast_img read more

Jung and Townend go head to head at Strzegom

first_imgGermany’s Michael Jung and Britain’s Oliver Townend, both winners of HSBC World Cup™ Eventing competitions this season, go head to head at Strzegom (POL) this weekend (June 24-27) as they both bid to take over the lead in the 2010 rankings from Australian Megan Jones, who has scored a win and a second place in the series so far.Jung, who had an incredible season in 2009, winning Luhmühlen and a European bronze medal on La Biosthetique Sam, is already a winner at this Polish venue having scored at the HSBC World Cup™ Eventing Final here last year.In contrast, Townend made an early exit at Strzegom last year; having led the Dressage phase, he suffered an unlucky fall on the flat across country when Flint Curtis lost a shoe.Jung kicked off his 2010 campaign with a win at Marbach (GER) last month on Sam and he brings this horse to Strzegom, plus Weidezaunprofi’s River Of Joy and Leopin; Townend, who won at Tattersalls (IRL) on Ashdale Cruise Master, travels to Poland with ODT Master Rose and Brigadier, a new ride this season.Word has spread about the excellent competition offered at Strzegom, especially Rudiger Schwarz’s Cross-Country course, and the HSBC FEI World Cup™ has attracted an impressive 39 entries from 13 nations. But the combination in the limelight will be Olympic Champion Hinrich Romeike (GER) and his 16-year-old superstar Marius Voight-Logistik, a veteran of six consecutive championships. Following the grey gelding’s lay-off through injury, Romeike is now on the qualifying trail for the Alltech FEI World Equestrian Games™ in September. And local interest will centre on Pawel Spisak (POL) and Weriusz, the combination which thrilled the home crowd last year when claiming a seventh-place finish.Follow the event on TV: Highlights of Strzegom will be shown on FEI TV ( of events1. Tallahassee (USA), 5-7 March 22. Kihikihi (NZL), 2-4 April3. Sydney (AUS), 7-9 May4. Marbach (GER), 7-9 May5. Chatsworth (GBR), 15-16 May6. Tattersalls (IRL), 27-30 May7. Strzegom (POL), 24-27 June8. Minsk (BLR), 21-25 July9. Rebecca Farm, Kalispell (USA), 22-25 July10. Malmö (SWE), 13-15 August11. Haras du Pin (FRA), 18-22 August12. Schenefeld (GER), 26-29 August More from Horse Sport:Christilot Boylen Retires From Team SportAfter an exemplary career as one of Canada’s top Dressage riders, seven-time Olympian Christilot Boylen has announced her retirement from team competition.2020 Royal Agricultural Winter Fair CancelledFor only the second time in its history, The Royal Agricultural Winter Fair has been cancelled but plans are being made for some virtual competitions.Royal Agricultural Winter Fair Statement on 2020 EventAs the Province of Ontario starts to reopen, The Royal’s Board and staff will adhere to all recommendations put forward by government and health officials.Government Financial Assistance for Ontario FarmersOntario Equestrian has recently released this update of several financial assistance packages available, including those for farm business. Horse Sport Enews SIGN UP Email*center_img Standings (after 6 of 12 events)1 Megan Jones (AUS) 138 points2 = Clarke Johnston (NZL) 1282= Lucy Wiegersma (GBR) 1284 Sonja Johnson (AUS) 1195 Andrew Downes (GBR) 1046 Mary King (GBR) 747= Mara Dean (USA) 717= Chris Burton (AUS) 717 = Michael Jung (GER) 717 = Sam Griffiths (AUS) 717 = Oliver Townend (GBR) 71 We’ll send you our regular newsletter and include you in our monthly giveaways. PLUS, you’ll receive our exclusive Rider Fitness digital edition with 15 exercises for more effective riding. Subscribe to the Horse Sport newsletter and get an exclusive bonus digital edition!last_img read more