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CORRECTED-Veon, formerly Vimpelcom, reports Q1 loss
May 11, 2017 / 6:57 AM / in 5 months

CORRECTED-Veon, formerly Vimpelcom, reports Q1 loss

(Corrects currency in earnings and revenue figures as dollars, not euros)

AMSTERDAM, May 11 (Reuters) - Veon Ltd, the Dutch-based telecommunications company formerly known as Vimpelcom, on Thursday fell to a loss for the first quarter as it struggles to reinvent itself as a vendor of software services by mobile.

The company reported a net loss of $11 million from continuing operations compared to a profit of $37 million a year earlier.

Revenues rose by 13 percent to $2.28 billion, entirely due to acquisitions.

Set up in Russia 24 years ago, Vimpelcom is dominated by LetterOne, the investment vehicle of Russian billionaire Mikhail Fridman, and has operations in Russia, Eastern Europe and Central Asia.

It is also active in markets stretching from Italy and Algeria to Bangladesh, Pakistan and Laos and serves more than 200 million customers.

$1 = 0.9192 euros Reporting by Toby Sterling; editing by Jason Neely

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