Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener. On March 11, 2009, Mobile TeleSystems ( MBT) reported that its Q4 FY08 earnings declined 68.4%, hurt by a $494.62 million currency exchange transaction loss. Net income slipped to $145.50 million, or $0.08 per share, from $460.32 million, or $0.23 per share, in Q4 FY07. The quarterly earnings missed the most recent consensus estimate of $0.37 per share. Revenue increased 4.0% to $2.42 billion from $2.33 billion a year ago, driven by higher service revenue and connection fees. Service revenue and connection fees increased 3.1% to $2.38 billion, while sales of handsets and accessories grew 92.0% to $43.01 million. Geographically, in local currency terms, revenue from Russia grew 18.9% to Russian Ruble (RUB) 50.52 billion, while revenue from Turkmenistan rose 94.9% to Turkmen Manat (TMM) 473.10 billion. Revenue from Uzbekistan grew 51.0% to $115.70 million, while revenue from Armenia grew 7.8% to Armenian Dram (AMD) 19.92 million. On the other hand, revenue from the Ukraine declined 1.2% to Ukrainian Hryvnia (UAH) 2.12 billion. During Q4 FY08, the company added 3.93 million customers, taking the total number to 95.66 million from 85.77 million a year ago. The company's expenditures on property, plant, and equipment totaled $576.00 million during Q4 FY08. Recently, Mobile TeleSystems announced that it has increased its stake in Dagtelecom LLC up to 100.00% from 74.99% by acquiring a 25.01% stake from Glaxen for $41.56 million. MBT also acquired a Cyprus-based company, Narico Holdings Limited, for $60.00 million. For FY08, net income declined 6.8% to $1.93 billion, or $1.00 per share, from $2.07 billion, or $1.05 per share, a year ago. Annual revenue grew 24.1% to $10.25 billion from $8.25 billion in Q4 FY07.