OAO Mobile Telesystems (MBT), Russia’s biggest mobile operator, said it more than doubled fourth- quarter profit from a year earlier even as revenue fell by cutting financing expenses and streamline sales.
Net income climbed to $393 million from $156 million a year earlier, Mobile Telesystems said today in a statement. That beat the $390 million average estimate of six analysts surveyed by Bloomberg.
Revenue fell 0.4 percent to $2.98 billion, according to the statement. Adjusted operating income before depreciation and amortization climbed 10 percent to $1.28 billion, while the Oibda margin expanded to 42.8 percent from 38.7 percent.
The Moscow-based operator expects annual revenue growth of 5 percent to 7 percent for the next four years. Capital expenditures are planned at 20 percent to 22 percent of revenue this year, and may amount to 15 percent to 18 percent in 2013-15, according to the statement.
MTS, as the company is known, may keep 2011 dividends at the same level as the previous year, when 60 percent to 70 percent of net income was paid out, Chief Financial Officer Alexey Kornya said. The board will consider the payout in April or May, he said.
To contact the reporter on this story: Ekaterina Shatalova in Moscow at email@example.com
To contact the editor responsible for this story: Mark Sweetman at firstname.lastname@example.org