World VoIP NewsRussians Mobile TeleSystems swings back into profitRussians Mobile TeleSystems swings back into profit

Russians Mobile TeleSystems swings back into profit

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Russia's Mobile TeleSystems (MTS) has reported that its first-quarter revenues rose by 23% to US$2.61 billion, while its net income reached US$381 million, compared to a loss of US$53.5 million a year ago.
The group attributed the return to profit to revenue growth and absence of significant currency movements during the quarter.

Mr. Mikhail Shamolin, President and CEO of MTS, commented: "Results for the first quarter have demonstrated the progress we are making in our markets by moving towards our strategic goals. MTS Group revenue in the first quarter increased more than 23% year over year in dollar terms, driven both by currency appreciation as well as positive growth in each of our markets of operation. Overall, increasing usage, greater adoption of data products, subscriber additions and our extension into new products and services continue to support our growth. While we do not yet see a distinct impact on our business from the improving economic environment, we continue to outperform our peers in our markets of operation and believe strongly that we can benefit most from an uptick in regional economic activity."

Looking ahead, Mr. Shamolin continued: "Since the end of the quarter, we continue to move forward with our strategic objectives. Integration with Comstar is proceeding as planned: we have initiated the rebranding process and have also brought to market the first truly convergent product. We continue to enhance our networks and have launched 3G services in Belarus and are actively developing our 3G network in Moscow. On the retail side of the business, with over 2,000 stores wholly owned and additional franchisees, we remain focused on improving the quality of our network. Overall, we continue to execute on our 3i Strategy, realizing goals in our integration with Comstar, developing networks to support universal internet access and seizing growth opportunities by bringing to market innovate products and services."

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