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 Thursday, May 19, 2011

­Russian mobile network operator, MegaFon has reported that its customer base shrank slightly during the first three months of this year to 57.12 million - a drop of 0.3% compared to the end of last year.However, consolidated revenue for the first quarter of 2011 grew by 18% to RUR 55.2 billion (US$1.97 billion), although net income for the first quarter of 2011 decreased by 1.9% to RUR 10.1 billion (US$360 million).

The company said that the drop in net profit was because the revenue growth was offset by the increase in depreciation expense related to the substantial increase in fixed assets put into use at the end of 2010.

Source: Cellular News