Megafon posts 3Q 2010 Net Income of 14 billion roubles

Russia mobile operator, Megafon, has posted a 3Q 2010 Net Income of 14 billion Roubles under IFRS.

The bottom line is up 23.1% from 11.4 billion roubles posted for 3Q 2009, with OIBDA up 12.6% year on year to 26.5 billion roubles, on the back of a 23.1% rise in revenues to 57.6 billion roubles. MegaFon CEO Sergey Soldatenkov, was optimistic about the results adding 3G technologies and business expansion were its key priorities for the future.“We have achieved excellent results in the third quarter. The Company keeps growing on a sustainable basis. In addition to growth in our traditional voice services, the growth was also driven by data services which increased by 14%. This is why we are focusing on projects related to the further development of 3G networks and data centers in the coming three years. We will continue the integration of our mobile and fixed-line businesses so as to move MegaFon towards its objective of becoming a universal operator with rapid growth in all telecom market segments to the benefit of our clients”.