Russian fixed-line telecom company Comstar – United TeleSystems,has annuounced financial results for the third quarter of fiscal 2008, with revenues increasing 13% to $421.6 m from $372.2 m for the same quarter of fiscal 2007.
Comstar – United TeleSystems’s (UTS) adjusted OIBDA for the third quarter of 2008 was $184.8 m, up 22% compared to $151.1 m in the same period of 2007.
The company reported that GAAP net income was $36.4 m, or $0.09 per share, for the third quarter of fiscal 2008, compared to a GAAP net loss of $68.8 m, or $0.19 per share, for the third quarter of fiscal 2007.
For the nine months period ended September 30, 2008, The company’s revenues increased 16% to $1.25 billion in the first nine months of fiscal 2008, from $1.08 billion in the comparable period of fiscal 2007. Adjusted OIBDA increased 21% to $518.7 million for the first nine months of 2008, from $429.5 million in the same period of 2007. The company’s GAAP net income was $120.4 m, or $0.3 per share, compared to a GAAP net loss of $8 m, or $0.02 per share, in the same period of 2007.
Sergey Pridantsev, president and CEO of Comstar-UTS, said: The results for the third quarter again demonstrate a healthy performance across the business. The stable incumbent MGTS business in Moscow provides solid and sustainable cash flows, accounting for 60% of Group revenues and 75% of total OIBDA. This supports our high profitability levels, while our alternative segment businesses drive our strong organic revenue growth.