Support The Moscow Times!

MTS Posts 14% Drop in Quarterly Profit

MTS, Russia's top mobile phone operator, reported Tuesday a 14 percent year-on-year drop in its third-quarter net profit, after the year-earlier result was boosted by one-off gains.

The company said its net profit was 18.1 billion rubles ($556 million) in the July through September period, compared with 21 billion the year earlier, when it recorded a $100 million foreign exchange gain.

After adjusting for one-off items, the net profit was up 3 percent, year-on-year. Analysts polled by Reuters, forecast a net profit of 18.4 billion rubles.

The company also downgraded its full-year revenue guidance and now expects growth of at least 5 percent, compared to its previous 5 to 7 percent forecast. Third-quarter revenues rose 4 percent, year-on-year, MTS said in a statement.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more