Sistema Shyam Q3 net loss narrows to Rs 495 crore

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Sistema Shyam Q3 net loss narrows to Rs 495 crore
Sistema Shyam TeleServices Ltd. (SSTL), which operates its telecom services under the MTS brand in India, today announces its unaudited consolidated financial results for the Third Quarter ended September 30, 2012.

The company reported net loss which narrowed to Rs 495.4 crore for the ended September 30 against net loss of Rs 1,009.7 crore in the same period a last year.

The company reported increase in revenue by 23% at Rs 404 crore during the this quarter when compared to Rs 328.2 crore in the corresponding period last fiscal.

"The telecom industry continues to suffer due to regulatory actions. Subscriber growth during the quarter also suffered on account of uncertainties in the operating environment and due to the predatory practices adopted by competition,'' Vsevolod Rozanov, President and Chief Executive Officer, SSTL, said.

"The telecom industry continues to suffer due to regulatory actions. Subscriber growth during the quarter also suffered on account of uncertainties in the operating environment and due to the predatory practices adopted by competition,'' Vsevolod Rozanov, President and Chief Executive Officer, SSTL, he further added.

It may also be noted that, Sistema JSFC, the majority shareholder in SSTL, had invoked its right under the Bilateral Investment Treaty (BIT) between India and Russia, after the decision of the Hon'ble Supreme Court. Communication exchanges continue between Sistema JSFC and the Republic of India. This is a part of the conciliatory process as per the provisions of the BIT.

SSTL a national telecom operator continues to service more than 16 million customers, employing over 7,000 (Direct and Indirect) employees, and with investments of over USD 3.2 billion.

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