Russia's top mobile phone operator MTS posted a 11.2 percent year-on-year fall in third quarter net profit on Tuesday to 16 billion rubles ($354 million).
MTS, owned by the Sistema oil-to-telecoms conglomerate controlled by businessman Vladimir Yevtushenkov, was expected to report third-quarter net profit of 15.4 billion rubles.
The company said in a statement that its revenues were up 3.6 percent at 107.1 billion rubles, with OIBDA (operating income before depreciation and amortization) rising by 4.1 percent to 48.2 billion rubles.
MTS said it was increasing its revenue growth forecast to more than 2 percent this year from over 1 percent and its OIBDA growth forecast to around 1 percent. But the firm said market volatility could affect its forecasts.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
