MTS doubles operating profit, and as-good-as doubles revenues and net income

28 Aug 2003

Eastern Europe’s largest cellco, Mobile TeleSystems (MTS) has reported a near-doubling of revenues year-on-year for the second quarter of 2003. In the three months to the end of June, MTS’ revenues rose 92% to USD606 million, whilst operating profit fully doubled, to USD225.4 million, and net income grew 98% to USD128.5 million. Russia’s dominant mobile operator, which operates in all seven of the country’s ‘super regions’ including Moscow and St Petersburg, claimed a consolidated subscriber base of 11.34 million at the end of the period, an increase of 1.92 million over the three months. 240,000 of those additions were added via its acquisition of Tatarsan local operator Taif-Telecom in April 2003.