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Russian cell phone operator MTS [RTS: MTSS] said on Tuesday
Russian cell phone operator MTS [RTS: MTSS] said on Tuesday its US GAAP net profit increased 34.6%, year on year, in July-September 2007 to $654.7 million.

MTS, which is the largest mobile phone operator in Russia and in Central and Eastern Europe in terms of franchises, said its revenues in the reporting period grew 23.3% to $2.22 billion. OIBDA (operating income before depreciation and amortization) grew 22% to $1.18 billion and the OIBDA margin reached 53%, MTS said.

Rising demand for the company's services in Russia and rebranding which strengthened the mobile operator's strategic position in Ukraine were among the main factors behind good financial results in the third quarter of 2007, MTS said.

A controlling stake of 52.8% in MTS is held by AFK Sistema, one of Russia's largest diversified corporations, while 46.7% of the company's shares are in free float.

MTS shares are traded on the Moscow InterBank Currency Exchange (MICEX), the New York Stock Exchange in the form of American Depositary Receipts (ADRs) and on the over-the-counter market in Europe in the form of Global Depositary Receipts (GDRs).


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