Millicom posts $34m in Q2 profits

European mobile holding company Millicom International Cellular saw its second quarter profit leap sevenfold to $34 million from $5 million in the same period a year ago, the company said in a statement.

The company said a major contributor to the result was a $59.5-million fair value gain on financial instruments with this component valued at only $8.4 million in the second quarter of last year.

Global revenue for the quarter rose 39% to $362 million from $261 million a year ago, mainly due to strong growth in Central and South America and Africa, the company said.

The company now has 10.9 million subscribers, up 51% compared to the second quarter of 2005.