Comstar posts 3Q09 results

17 Nov 2009

Moscow-based fixed line operator Comstar United TeleSystems has reported third quarter 2009 net profit of USD26.9 million, an 11% year-on-year decline as the depreciation of the rouble again hit the company’s bottom line. Revenues for the three months ended 30 September 2009 fell by 11% to USD375.1 million, while operating income before depreciation and amortisation (OIBDA) fell by 22% to USD152.4 million. In rouble terms the company saw a 15% year-on-year growth in revenues, while OIBDA climbed by 13%. Sergey Pridantsev, company CEO, said: ‘We are the clear number one provider of residential broadband and pay-TV services in Russia, with a total of 1.2 million broadband internet subscribers and 2.1 million pay-TV subscribers and an addressable market of 7.5 million households passed. Our goal is to continue to develop our presence in Moscow by increasing the penetration of our broadband internet and pay-TV services in Moscow City Telephone Network (MGTS) households, as well as to expand our regional presence.’ The company also noted an improving operational environment, with its total broadband subscriber base up 32% year-on-year, the ongoing restructuring of its regional operations into ‘Comstar Regions’, and the acquisition of a number of regional cable TV providers in October.