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MTS Quarterly Profits Fall on Currency Losses

Russia’s MTS has reported its first-quarter financial results, and announced that its consolidated revenues rose by 2 percent to reach RUB93 billion (US$2.9 billion), but that net profits fell by 16.9% to RUB13 billion (US$403 million).

Overall growth compared to a year ago was limited by the suspension of the company’s operations in Uzbekistan. Excluding Uzbekistan, revenues would have grown by 6% year-over-year.

The company also suffered a RUB1.5 billion loss on foreign currency transactions.

Alexey Kornya, MTS’s Chief Financial Officer, said, “In Q1 2013, Group Adjusted OIBDA increased by 3% year-over-year to 39.1 billion rubles. Excluding Uzbekistan, Adjusted OIBDA grew year-over-year by 8%. This was driven by top-line growth, although we faced continuing cost pressure from our network roll-out, retail expansion and increase in personnel costs.”

The total customer base grew by 0.8% over the year to end at 101.86 million.

The company ended the period with net debt of RUB 183 billion.

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