Sistema Shyam TeleServices Ltd. (SSTL), which operates its telecom services under the MTS brand in India, has announced its unaudited consolidated financial results for the Second Quarter ended June 30, 2012.
Vsevolod Rozanov, President & CEO, Sistema Shyam Teleservices Ltd., said, “The recent regulatory and tax developments have significantly impacted the growth of the Indian Telecom Industry. Despite these challenges, SSTL has maintained its scale of operations and has also grown its business by further strengthening all its revenue lines. Our data card subscriber base continues to grow in double digits despite the recent tariff reduction by 3G operators. Going forward, the plan includes to continue our focus on driving operational efficiencies and to provide greater value to all our stakeholders.”
Sergey Savchenko, Chief Financial Officer, Sistema Shyam Teleservices Ltd., said, “Given the continued uncertainties around the operating environment, SSTL is currently focused on retaining its customers and controlling its expenses to optimize cash outflow. It is heartening to note that in such challenging times our customers, vendors and lending banks, have demonstrated true partnership by extending their full support. During the quarter, SSTL has successfully been able to raise INR 500 crores from banks.”
