MTS almost doubles RAS net profits to 23 bln rubles in Q2
MOSCOW. July 29 (Interfax) - Net profits at OJSC Mobile TeleSystems (MTS) jumped 80% year-on-year to 22.97 billion rubles to Russian Accounting Standards (RAS) in the second quarter of this year, the company said in a statement.
MTS made RAS net profits of 12.57 billion rubles in Q2 last year.
Q2 2011 net profits were up 73.4% quarter-on-quarter as a result of mergers with OJSC Comstar UTS, OJSC Comstar Direct, OJSC Eurotel, and OJSC Dagtelecom, as well as dividends paid to MTS for 2009 by a number of subsidiaries and dependents.
As reported, Comstar UTS, Comstar Direct, Eurotel, and Dagtelecom ceased to exist as independent entities as of this April 1.
MTS is Russia's biggest cellular provider by number of subscribers in the Commonwealth of Independent States, serving more than 100 cellphone users in Russia, Ukraine, Uzbekistan, Turkmenistan, Armenia, and Belarus. The company's main shareholder is AFK Sistema .