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Revenue at Ukrainian VimpelCom subsidiary URS off by 76.7%
Journal Staff Report

MOSCOW, June 21 - Revenue at Ukrainian RadioSystems (URS), the Ukrainian subsidiary of Russia's VimpelCom, whose purchase in 2005 sparked a conflict among VimpelCom shareholders, turned out to be 76.7% less than the amount indicated in a business plan the company issued prior to the completion of the deal, Norway's Telenor, a shareholder in the Russian company, said in a statement.

Telenor said URS was to have revenue of $147 million in 2006, but only received $34 million. The main reason for the lower figure was a low level of average (monthly) revenue per user (ARPU), which totaled only $4.1 instead of the expected $8.8. At the same time, the URS subscriber base virtually coincided with the forecast of 1.8 million subscribers.




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