TeliaSonera, a Scandinavian mobile holding company, received a boost in its revenues as a result of its acquisition of a stake in MegaFon. The company’s revenues from sales in the second quarter showed an increase of 0.5 percent. At the present time, TeliaSonera through its subsidiaries owns a 43.8-percent stake in the Russian mobile operator. 

From April to June, TeliaSonera’s income in Russia was USD 177.8 million. The 1.6 percent gain of the Russian currency against the Swedish krona also produced a USD 2.3 million profit for the holding company.

Russian mobile carrier MegaFon reported that it had 54.1 million subscribers to its services at the end of the first half of 2010, which represents an increase of 2.1 million from the number of subscribers at the end of the first quarter of 2010 and an increase of 8.5 million from the number of subscribers at the end of the first half of 2009. MegaFon now accounts for 25 percent of the Russian market, up from 24 percent at the end of the first quarter of the year.

According to TeliaSonera representatives, the Scandinavian holding rendered USD 11.2 million worth of services to MegaFon.

Altogether, TeliaSonera’s cumulative revenues from sales in the second quarter of the year were 1.7 percent lower compared to the same period of 2009. Sales revenues were USD 3.7 billion. The holding company’s net profit was USD 716.6 million.  

Aside from its assets in Scandinavian countries, TeliaSonera owns a part of MegaFon and a 37-percent of the Turkish carrier Turkcell. TeliaSonera also owns a large share of Fintur Holdings, whose subsidiaries operate mobile providers in Kazakhstan, Azerbaijan, Georgia, and Moldova. The company also entered the cellular markets of Tajikistan and Uzbekistan following its acquisition of the U.S.-based group of T Corp in 2007.