Mobile TeleSystems, one of Russia’s top three mobile operators, saw a 23% year-on-year fall in fourth quarter 2010 net income to $156.3 million to US GAAP, the company said on Tuesday.
“A strong bottom line performance during 2010 with an annual growth of 50% when adjusted for the non-cash impairment loss of $137.8 million recorded in the fourth quarter resulting from the suspension of operations in Turkmenistan in December 2010,” the company said in a presentation.
MTS expects a 10% revenue growth in 2011. “Overall, in terms of revenue we see about 10% growth for 2011. We anticipate that Group OIBDA margin will be 42-43% for the year. As we enter the second quarter, we do anticipate that margins will remain pressured.
However, we do forecast significant improvement in the second half o…