Russia's MTS Reports Jump in First-Quarter Profits
May 19 2016 - 8:29AM
Dow Jones News
By Olga Razumovskaya
MOSCOW--Russia's biggest telecom company OAO Mobile TeleSystems
(MTSS.MZ) has reported that its first-quarter net profit rose 33.3%
to 14.5 billion rubles ($217.9 million) on currency exchange rate
fluctuations.
The increase was also due to the absence of reserve funds in
Ukrainian banks that were later considered insolvent compared to a
reserve of 1.7 billion rubles in the corresponding quarter of last
year.
MTS Chief Executive Andrei Dubovskov said that "unstable
macroeconomic figures of businesses at MTS's core countries [such
as Russia and Ukraine] may in the future impact the group's
financial and operational results."
The company said first-quarter revenue stood at RUB108.1
billion, 7.9% higher than in the corresponding period a year ago.
Revenue from headset sales, increased data services consumption as
well as the launch of 3G network in Ukraine helped boost revenue
for the period, the company said.
MTS's adjusted operating income before depreciation and
amortization in the first quarter was unchanged at RUB41.3billion
despite volatility and strong competition, Mr. Dubovskov said.
Write to Olga Razumovskaya at olga.razumovskaya@wsj.com
(END) Dow Jones Newswires
May 19, 2016 08:14 ET (12:14 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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