Support The Moscow Times!

Now is the time to support independent reporting from Russia!

Contribute Today

MTS Net Down 25% in Q3

Mobile phone operator MTS on Monday reported a 25 percent fall in net profit for the third quarter due to a foreign exchange loss.

Net profit totaled $361.8 million, down from a revised $483.5 million a year ago, the company said.

The bottom line was eroded by a $191 million noncash foreign exchange loss, MTS said, following the ruble's weakening against the dollar. Revenue rose 13 percent to $3.27 billion, with sales in its biggest Russian market up 11 percent to 81.7 billion rubles ($2.6 billion). Operating income before depreciation and amortization grew 9 percent to $1.44 billion and the OIBDA margin slid to 44 from 45.3 percent.


Read more