SSTL Q2 Net Loss Narrows to Rs 402 Crore
Sistema Shyam Teleservices (SSTL) today reported a narrowed down net loss of Rs 402.5 crore for the second quarter ended June 30 on account of cost optimisation and operational efficiencies.
The company, which operates under MTS brand name, had reported a net loss of Rs 844.7 crore for the corresponding quarter last year, it said in a statement.
Total revenues of the company rose 15 per cent to Rs 334.8 crore for the reported period as compared to Rs 290.9 crore last time.
The company follows January-December fiscal.
The revenue improvement is driven largely by an increase in data revenues.
"During the quarter, our consolidated revenues grew by 5 per cent quarter-on-quarter, driven by growth in non-voice revenues. Going forward, we expect strong momentum to continue, especially in our data business," SSTL chief executive officer Dmitry Shukov said.
The company reported an operating income before depreciation and amortisation (OIBDA) loss of Rs 136.5 crore for the second quarter of 2014 as compared to Rs 219.3 crore last year on account of cost optimisation, strict control over marketing and other expenditures and also on account of operational efficiencies.
SSTL made investments of Rs 33.2 crore during the second quarter of 2014. Debt from banks and financial institutions at the end of June 30, 2014 stood at Rs 3,614 crore.
In the reporting period, SSTL's mobile subscriber base increased 1.4 per cent quarter-on-quarter and reached 9.2 million customers as on June 30, 2014.
The company's mobile subscribers' minutes of usage for the second quarter of 2014 improved to 416 minutes versus 414 minutes in the first quarter of 2014.
Non-voice revenues, from both data and mobile VAS, for the quarter increased by 14 per cent to Rs 129.1 crore.
"Our priority is to drive revenue growth in data for the company with strict focus on achieving profitability. The plan is to continue investing in our data business and at the same time, through discipline ensure improvement in our OIBDA margins," SSTL chief financial officer Sergey Savchenko said.
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