MTS boosts RAS net profit by 70% to 22.4 bln rubles in Q1
MOSCOW. May 15 (Interfax) - OJSC Mobile Telesystems (MTS) increased its net profit according to Russian accounting standards (RAS) by 70% to 22.4 billion rubles in the first quarter of 2012 from 13.2 billion rubles in the same period of 2011, the company said in its RAS reporting.
The company's sales revenue in the first quarter came to 63.4 billion rubles, up 14.6% from 55.3 billion rubles in the same period of 2011. Operational costs went up 18% to 34 billion rubles from 28.8 billion rubles.
Profit from sales increased by 21.6% to 16.3 billion rubles while pretax profit rose 65% to 26.08 billion rubles.
The provider's RAS results reflect Russian operations, which have been largely consolidated in one legal entity. The RAS results exclude the company' foreign subsidiaries and some Russian operations.
The company will publish its US GAAP results next week.
MTS is the biggest cellular provider in Russia and the CIS, with more than 106 million subscribers in Russia, Ukraine, Uzbekistan, Turkmenistan, Armenia and Belarus. Its main shareholder is the Sistema holding.