VimpelCom Quarterly Sales Fall as Russia Loses to Italy
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VimpelCom Ltd.’s first-quarter sales plunged 30 percent as its Russian operations were hampered by a weakening ruble and were overtaken by Italy as the carrier’s biggest market by revenue.
Sales declined to $3.52 billion, missing analyst estimates of $3.55 billion in a survey by Interfax. Earnings before interest, taxes, depreciation and amortization fell 33 percent to $1.4 billion, lagging behind the estimate of $1.43 billion.