Big profits rise for Russia's MegaFon

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.