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Millicom third-quarter revenues down 6.5% YoY, customer base up 2%

2020-10-30 11:59:00| Telecompaper Headlines

(Telecompaper) Millicom, owner of Tigo-branded operations across Latin America and Africa, reported a 6.5 percent year on year fall in revenues to USD 1.03 billion in the third quarter of 2020, impacted by the ongoing effects on its business of the Covid-19 pandemic. However, the company was keen to emphasise that the result was an improvement on the 8.0 percent decline posted in the previous quarters as lockdowns eased in most of its countries and the improved performance that began in June continued in the July to September period with robust customer growth. On a year-on-year basis, service revenue declined 3.1 percent organically, improving from a 6.8 percent fall in Q2, with EBITDA down 6.1 percent year on year to USD 581 million. Third-quarter net loss improved to USD 51 million from a negative USD 131 million a year earlier.

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