VimpelCom more than doubled its ruble net profit in the second quarter, it said Thursday, becoming the latest company to beat earnings forecasts in its second-quarter numbers.

Net profit clocked in at 22.6 billion rubles, or $702.5 million at an average rate of 32.17 rubles per dollar for the period. A year earlier, VimpelCom reported net profit of $470 million.

Forex gains included in the profit were in line with forecasts in dollar terms of $341 million. On the core earnings level, it reported a margin of 50.6 percent, compared with a consensus forecast of 48.9 percent.

“I am especially proud to report that revenue growth coupled with successful business integration and ongoing cost control yielded a consolidated fixed and mobile [operating income before depreciation and amortization] margin of 50.6,” chief executive Boris Nemsic said in a statement.

Revenue grew to 69.04 billion rubles from 61.68 billion rubles a year earlier, though it fell in dollar terms to an expected $2.15 billion from $2.61 billion. VimpelCom, which operates the Beeline brand, added 1 million mobile subscribers during the quarter for a total of 63.7 million, 19 percent more than a year earlier.

“Although our operations during the second quarter reflected the underlying robustness of the telecoms markets and our successful business execution, macroeconomic uncertainty still remains a significant factor in the current environment,” Nemsic said.

“Hence, looking forward we maintain our stance of cautious optimism,” he said.

VimpelCom, the country’s most leveraged telecoms operator, said it repaid $456 million during the quarter and refinanced part of the remainder into rubles. It has to pay about $2 billion of debt this year, of which $600                 million was repaid in the first quarter.

(Reuters, Bloomberg)