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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.

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