Tigo (Millicom) presented its first quarter 2019 results report, in which the company informed that its Average Revenue per User (ARPU) increased in a 1.7%, in line with a 0.6% increase in local currency terms year-on-year, as the impact of weaker currencies was offset by the favorable impact of consolidating Panama, where the company acquired Cable Onda in 2018. That country’s ARPU is well above the average for our Latin American segment.
According to the report, Millicom’s revenues increased 5.1% due to the acquisition of Cable Onda in Panama. Ramos said that ‘in Panama, with the acquisition of Cable Onda, it is working in line with our plans. We made significant progress during the quarter with the agreement reached to acquire Telefónica’s mobile assets in Costa Rica, Panama and Nicaragua. This transaction complements our cable operations in these countries and modifies the industry landscape in the region’, said Mauricio Ramos, CEO of the company.
‘The strong operating momentum we enjoyed throughout 2018 has continued into Q1 2019, as we delivered solid KPIs and organic growth, in line with our full year targets. In particular, I am pleased to report that the significant investments we have made in Colombia and Bolivia over the past several years are now beginning to produce faster revenue growth and rising levels of profitability. Meanwhile, in Panama, the recently-acquired Cable Onda is performing very well, in line with our plans’, expressed Ramos.