November 9, 2017 / 7:00 AM / a month ago

Veon posts higher Q3 sales; Wind joint venture records net loss

AMSTERDAM, Nov 9 (Reuters) - Mobile telecommunications company Veon said on Thursday its sales rose 4 percent in the third quarter to $2.46 billion, largely due to strong growth in Russia and Pakistan.

Its new Italian joint venture with CK Hutchison, Wind, booked a net loss of $608 million, the company said in a statement.

Veon, which is attempting to transform itself into an internet services company, said group earnings before interest, taxation, depreciation and amortisation (EBITDA) rose 16.4 percent from a year earlier to $1.04 billion.

Russia and Pakistan contributed more than half of EBITDA, rising 15.7 percent and 41.8 percent respectively. Veon said EBITDA fell in Algeria, Bangladesh and Pakistan.

The company, with 235 million mobile customers worldwide, is in the process of shifting away from being a data services company, to internet via mobile devices.

In February 2016, Amsterdam-based Veon, formerly known as Vimpelcom, reached $795 million in settlements to resolve U.S. and Dutch bribery probes related to Uzbekistan. (Reporting by Anthony Deutsch; Editing by Vyas Mohan)

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