BEIJING, July 24 (Xinhuanet) -- Latin American business wireless service provider NII Holdings Inc. said Wednesday its profit grew 85 percent in the second quarter because of subscription growth, beating Wall Street expectations.
NII reported net income of 155.2 million U.S. dollars, or 88 cents per share, compared with 84.1 million dollars, or 47 cents per share, in the year-ago period.
Revenue rose 40 percent to 1.1 billion dollars, from 787 million dollars in the second quarter of 2007. Revenue from digital handsets and accessories more than doubled during the period to 61 million dollars.
Analysts surveyed by Thomson Financial expected earnings of 64 cents per share on sales of 1.05 billion dollars.
NII ended the quarter with more than 5.4 million subscribers, a 34 percent increase from a year earlier. During the quarter, NII had 394,500 net additions, the largest ever in a quarter.
Average monthly service revenue per subscriber grew 1 dollarcompared with the previous year to 59 dollars. But cancellation rates, known as churn, grew slightly to 1.89 percent, compared with 1.84 percent in the previous quarter.
(Agencies)
