The company had a net income of $ 68.84 million in the June-September quarter 2009, Sistema Shyam TeleServices which owns CDMA mobile telephony brand MTS said in a statement issued here.
During the period, the Income of the company from continuing operations before income tax, equity in net income of energy companies in the Republic of Bashkortostan stood at $ 693.35 million.
"In our Telecoms business unit, the third quarter was characterised by our continued efforts to consolidate our telecoms assets and create an integrated market leader.
Notably, the recovery we witnessed in the second quarter in our Consumer businesses was sustained in the third quarter, which showed double digit revenue growth and a turnaround in net profitability," Sistema President and CEO Leonid Melamed said.
Total revenues stood at $ 7.3 billion during the quarter under review, against $ 5.33 billion in the same year-ago period.
The Group's cash balances stood at $ 4,009.5 million as of September 30, 2010, compared to $ 2,395.3 million in the same period last year.
The Group's net debt (short-term and long-term debt 14 less cash and cash equivalents) amounted to $ 10,459.8 million as of September 30, 2010, compared to $ 11,633.5 million as of June 30, 2010.
SSTL launched its mobile data services in 22 new cities with total number of cities covered by high speed data services increasing to 96 out of 100 biggest cities in India, including all five Metro areas, at the end of the third quarter. The number of mobile broadband subscribers more than doubled quarter-on-quarter to 260 thousand subscribers as of September 30, 2010.
In September 2010, the Government of the Russian Federation approved an equity investment in SSTL. It is expected that the Russian Government will participate in an issuance of additional 6 shares of SSTL, paying an equivalent of $ 600 million in the form of Indian rupees held in accounts representing Indian governmental debt to the Russian Federation.
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