MTS profit in the third quarter decreased by 27.1% year-on-year – Kommersant
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Mobile operator MTS (MOEX: MTSS) increased revenue in the third quarter of this year to 159.7 billion rubles, which is 16% higher than the same period in 2022, follows from reporting. Meanwhile, net profit under IFRS amounted to 9 billion rubles, decreasing by 27.1% year-on-year.
As noted in the MTS press release, consolidated revenue increased against the backdrop of growing income in all business areas. OIBDA increased by 0.6%, to RUB 60.8 billion, due to the results of certain areas. Thus, the growth in income from communication services in the third quarter amounted to 7.4% year-on-year – the volume increased to 112.4 billion rubles. The subscriber base increased to 80.8 million.
The revenue of MTS Group for the nine months of 2023 increased by 12.2%, to 446 billion rubles, and net profit for the same period amounted to 38.5 billion rubles. (+41.8% year on year). MTS explained the growth by the recovery of sales in the retail business, an increase in the retail loan portfolio and commission income in fintech, and the development of the advertising business.
Read more about the activities of MTS in the Kommersant article “With a mast about something more”.
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