NII Holdings reports strong growth

NII Holdings Inc. has announced it added 289,000 wireless subscribers, generated $714 million in revenues and $84 million in income during the first quarter of 2007. The company also announced that Gokul Hemmady will join its ranks as vice president and CFO effective in June.
The American-based provider of mobile services for business customers in Latin America experienced a 47-percent increase in subscriber gains over the same quarter a year ago, pushing its total subscriber base beyond 3.7 million customers. Revenues were up more than 35 percent and income was up 29 percent over the same period last year. The company also launched service in two new markets in Mexico and eight additional cities in Brazil.
“We’re off to a great start for 2007 as the demand for our differentiated wireless services continues to grow,” said Steve Shindler, chairman and CEO of the company. “We added a record number of net subscribers to our network while generating record revenues . all despite the typical seasonal slow down effect of the first quarter.”
NII, which formerly was Nextel Communications Inc.’s international operations, reported churn of 1.6 percent and average monthly service revenue per subscriber of $58 for the quarter.
Company stock was basically unchanged on the news.