SSTL Q3 net loss widens to Rs 1,010 cr
Press Trust of India / New Delhi December 12, 2011, 15:36 IST
Sistema Shyam TeleServices Ltd (SSTL), which operates under MTS brand, today reported net loss of Rs 1,009.7 crore for the third quarter ended September 30 on account of increased foreign exchange charges.
The company had logged net loss of Rs 494 crore during the July-September quarter in 2010, SSTL said in a statement.
"SSTL's bottomline during the quarter was impacted by increased forex charges. The rupee has depreciated considerably against the US dollar and other foreign currencies thus resulting in increased forex charges on long term foreign currency denominated loans," the company said.
However, revenue of the company rose to Rs 328 crore during the quarter, up 125% from Rs 146 crore in the same quarter of the previous fiscal.
"The market response to our data centric, voice enabled strategy continues to be extremely positive...We are awaiting further clarity on issues, such as additional spectrum availability," SSTL President and CEO Vsevolod Rozanov said.
Capex investments at the end of Q3 were at Rs 6,243 crore, including Rs 161.7 crore made during the quarter. Consolidated debt from banks and financial institutions at the end of Q3 stood at Rs 6,860 crore.
SSTL's data card subscriber base in Q3 grew 30% to 1.07 million subscribers. It added 2.5 lakh data card subscribers during the quarter, highest additions in a quarter till date. The company's mobile subscriber base reached 13.27 million customers as of September 30.
Its non-voice revenues from both data and mobile value added services (VAS) for the quarter were up 32% quarter-on-quarter (Q-o-Q) to Rs 105 crore, which now contributes 32% of total revenue.
During the quarter, SSTL's blended mobile ARPU increased in contrast to a declining trend in the market.
SSTL Chief Financial Officer Sergey Savchenko said the blended mobile Average Revenue Per User (ARPU) for the quarter increased to Rs 85 against Rs 82.
SSTL is a joint venture in which Russian conglomerate Sistema holds 56.68% stake, while the Russian government holds 17.14%. India's Shyam Group holds 23.98% and the remaining 2.2% is held by the public.
Satyakam Mishra
reachsatyakam@gmail.com
http://equityconnect.blogspot.
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