Russia's Mobile TeleSystems Reports Fourth Quarter Profit Jump
March 21 2016 - 8:29AM
Dow Jones News
By Olga Razumovskaya
MOSCOW--Russia's biggest telecom company OAO Mobile TeleSystems
(MTSS.MZ) has reported a five-fold increase in its fourth quarter
net profit on the year, mainly due to one-off items in the
corresponding period a year earlier.
The company said fourth quarter net profit was 7.1 billion
rubles ($104 million) on the year, due to the low base effect in
the corresponding year-earlier period that included expenses
related to the launch of operations in Uzbekistan and a one-off
reserve for DeltaBank which was declared insolvent.
MTS's adjusted operating income before depreciation and
amortization in the fourth quarter fell 1.9% to RUB43.5billion, the
company said, while its fourth-quarter revenue increased by 5.7%to
RUB113.3 billion.
MTS Chief Executive Andrei Dubovskov said that the company
expects growth of its 2016 revenue of more than 4% and capex at
RUB85 billion. Adjusted OIBDA is expected at the range of -2% to
+1%.
2015 net profit dropped by 3.5% to 49.5 billion, partly due to
amortization expenses.
Mr. Dubovskov said that "unstable macroeconomic figures coming
from MTS's core country businesses (like Russia and Ukraine) may
further impact the company's financial and operational
numbers."
Write to Olga Razumovskaya at olga.razumovskaya@wsj.com
(END) Dow Jones Newswires
March 21, 2016 08:14 ET (12:14 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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