Russian oil-to-telecom conglomerate Sistema said on Tuesday its troubled Indian mobile unit SSTL boosted first-quarter revenue by 72% year-on-year thanks to a broader subscriber base, and narrowed its losses.
Sistema, along with other foreign investors in the Indian telecom sector, is in limbo over the future of the unit after the country's Supreme Court in February revoked all licences awarded in a 2008 sale.
"In spite of numerous legal and regulatory challenges being faced by the entire telecoms industry, SSTL has delivered strong results," SSTL CEO Vsevolod Rozanov said in a statement.
First-quarter revenue totalled Rs 407 crore as the number of subscribers increased 57% to stand at around Rs 160 crore, SSTL said in the statement.
The net loss narrowed to Rs 530 crore from Rs 670 crore a year ago due to lower costs and a foreign exchange gain.
The group's consolidated OIBDA (operating income before depreciation and amortisation) loss narrowed to Rs 360 crore from Rs 460 crore, while OIBDA margin increased by 104 basis points.
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