Sistema Shyam Teleservices sees US GAAP net losses go up by 50% in QIV
MOSCOW. April 21 (Interfax) - Indian operator Sistema Shyam Teleservices Ltd. (SSTL), in which AFK Sistema holds a controlling packet, saw its US GAAP net losses increase by over 50% year-on-year to 6.05 billion rupees ($136.5 million) in the fourth quarter of 2010, the company said in a statement.
The company's sales revenue went up by 200% to 1.93 billion rupees ($43.5 million) in the quarter, negative OIBDA - 3.64 billion rupees ($82.1 million) compared to 3.77 billion rupees ($85 million) in the fourth quarter of 2009.
The company's sales revenue for the whole of 2010 tripled to 5.23 billion rupees ($118 million), negative OIBDA - 15.03 billion rupees ($339.1 million) compared to 10.78 billion rupees ($243.2 million) for 2009. The company's net losses increased by 70% to 21.68 billion rupees ($489.2 million).
SSTL's stake on the Indian market in terms of sales revenue almost triple to 0.64% in the fourth quarter from 0.25% for the same period of 2009.
Sales revenue from non-voice services in the fourth quarter increased by 66% to 442 million rupees ($9.97 million) and 21.6 times for 2010 to 872 million rupees ($19.67 million), respectively. These services accounted for 5% of total revenue for the quarter and 14% for the 2010, respectively.
SSTL provides high-speed data transfer systems in 100 major cities in India at the end of 2010. SSTL currently has a presence in 130 cities.
The company's total cellular subscribers for the fourth quarter came to 8.4 million clients, up 24% from the third quarter and 200% in comparison with the end of 2009. Total data transfer clients for the fourth quarter and the year increased by 65% and 62 times, respectively, to 430,000 users.
Average revenue per user for the fourth quarter increased by 5.1% in comparison with the third quarter to 82 rupees ($1.85). Average minutes of use (MOU) for cellular subscribers went unchanged at 309 minutes for the fourth quarter.
SSTL provides telecom services under the MTS brand under a commercial agreement with OJSC Mobile TeleSystems in 130 Indian cities. Sistema owns 56.68% in the company, Russia's Federal State Property Agency - 17.14%, India's Shyam Group - 23.98% and a free float of shares - 2.2%.