MTS dials up 30% Net Profit increase for Q2 2008

Mobile Telesystems MTS has reported a net profit for the second quarter of $654 million under US GAAP.

Russia’s largest mobile phone operator attributed the better than anticipated result to increased subscriber numbers and increased usage. The company added more than 12 million new subscribers in the year to June 30, with average revenue per user increasing to $11 per month in Russia and $7.40 per user in Ukraine.

Revenues increased by 36% in Russia to reach $2.02 billion and by 10% to reach $434 million in Ukraine, with MTS reiterating its revenue growth forecast for the year of 25%. OIBDA increased by 32% to $1.35 billion.