VimpelCom Drops as Profit Falls 79% on Debt, Expansion Costs
VimpelCom Ltd. (VIP), Russia’s third- biggest mobile carrier by subscribers, dropped for the first day in three after third-quarter profit plunged 79 percent as the company increased spending on expansion.
American depositary receipts of VimpelCom fell 2.3 percent to $11 at the close of trading in New York. Net income declined to $104 million from $496 million a year earlier as interest expenses increased and movements in the Egyptian pound and euro hurt results, Amsterdam-based VimpelCom said today in a statement.
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