NEW YORK (TheStreet) -- Mobile TeleSystems (MBT) stock is advancing by 6.53% to $7.02 in afternoon trading on Tuesday, following the release of its 2015 third quarter earnings results before the market open today.
The company's operating income before depreciation and amortisation fell by 1.9% year over year, to RUB 48 billion for the most recent quarter.
Net income declined by 6.6% to RUB 14.4 billion, as lower profitability and cost inflation weighed on its non-Russian business, Reuters reports.
Total sales increased by 7.4% to RUB 115 billion, or $1.8 billion, for the quarter. Revenue in Russia climbed by 4.7% to RUB 104 billion.
"This growth was driven by strong data adoption across our operating markets, and in Russia, our topline was supported by increasing smartphone sales across our retail network," CEO Andrei Dubovskov said in a statement. "On a quarterly basis, revenue and adjusted OIBDA increased by more than 12%, which allowed MTS to once again outpace the market."
Mobile TeleSystems raised its full-year 2015 revenue forecast to more than 4% growth, compared to its previous forecast for more than 2% growth, according to Reuters. Last year, the company reported 3.1% growth.
Mobile TeleSystems is a Moscow-based telecommunications company.
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