Euroset revenues grow 12% to 19 bln rubles in Q3
MOSCOW. Dec 8 (Interfax) - Euroset , Russia's largest mobile phone retailer, posted revenue up 12% to 19 billion rubles in the third quarter of 2011 from 16.9 billion rubles in the same period last year.
Revenue grew 28% compared to the second quarter of 2011, according to company materials obtained by Interfax.
The growth was driven primarily by the opening of new stores, an increase in the average price of handsets sold and higher revenue from financial and payment services.
Sales of telephones generated 58% of revenue, and commissions from mobile providers accounted for 16%.
The retailer had 4,388 outlets in Russia at the end of the third quarter.
Euroset's debt shrank to 6.6 billion rubles on September 30 from 6.7 billion rubles at the beginning of the year. The net debt/EBITDA ratio, however, rose to 1.1 from 1. Debt denominated in rubles made up 64% of the total, and long-term loans accounted for 30% of the debt; the weighted average interest rate on the loan portfolio was 7.1%.
Euroset has about a 32% share of the Russian cellular retail market.