1 Apr 2011 19:51

MTS posts Q4 losses of 7.7 bln rubles due to Bitel write-off

MOSCOW. April 1 (Interfax) - Mobile TeleSystems (MTS) closed Q4 2011 with net losses of 7.7 billion rubles to Russian Accounting Standards (RAS), compared with profit of 11.9 billion rubles in Q3 2010, the No.1 Russian cellular provider said in a statement.

MTS spokeswoman Irina Osadchaya said the losses were to do mainly with a write-off of $170 million tied to the acquisition of Kyrgyz operator Bitel.