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SSTL's quarterly net loss rises to Rs.1,197 crore

Delhi,Business/Economy, Wed, 11 Apr 2012 IANS

New Delhi, April 11 (IANS) Sistema Shyam Teleservices (SSTL), which operates under the MTS brand, Wednesday said its net loss increased to Rs.1,197 crore during the fourth quarter that ended Dec 31, 2011.


Its net loss was Rs.605.1 crore in the like period in the previous financial year.


The revenues of the joint venture between Russian Sistema and Shyam Group of India, however, increased to Rs.392 crore during the quarter under review against Rs.193 crore during the year-ago period.


The firm, whose 21 licences stand cancelled following the Supreme Court order in February, said it was optimistic that the issues confronting in the sector will soon be resolved.


"Due to the nature of the telecom business and the aggressive expansion plans of the company, net income continues to be negative. In-addition, the current operating environment also remains uncertain," said Vsevolod Rozanov, president and chief executive officer, SSTL.


"In spite of all these challenges, SSTL remains committed to further expand its voice and data business and looks upon the Indian government to move fast to resolve all issues being faced by the telecom sector," he added.


The blended mobile average revenue per user for the quarter and year increased by 2.4 percent and 9 percent to Rs.87 and Rs.84 respectively.


The CAPEX investments made by SSTL in India at the end of Dec 31 2011 stands at Rs.64.43 billion.


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