Big profits rise for Russia's MegaFon

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The Independent Online

MegaFon, the Russian mobile operator backed by Russia's richest man, Alisher Usmanov, has raised its core profit margin guidance after beating earnings forecasts and announcing a lavish dividend.

The company, which listed in London last winter, posted quarterly earnings of 12.6bn roubles (£1.34bn), up 36.5 per cent year on year. The company announced dividends of 64.5 roubles per share for last year and the first quarter of 2013.