Sistema Shyam Q3 loss dips to Rs 495 cr

Last Updated: Tue, Nov 20, 2012 05:48 hrs

Sistema Shyam , which provides telecom services under the brand name MTS, on Monday reported that its net loss had narrowed to Rs 495 crore for the third quarter ended September 30. It had posted a net loss of Rs 1,010 crore a year ago. The company registered an increase in revenue by 23 per cent at Rs 404 crore during the quarter compared to Rs 328 crore last year.

Open to acquisitions
Sistema Shyam is open to acquisitions in India, the unit's head said on on Monday.

Vsevolod Rozanov, CEO, said he does not expect any deals till the Supreme Court decides on the company's appeal on the order to revoke the permits.

"Nothing serious to report on this," he said when asked if it was was engaged in talks with any company in India.

Sistema Shyam TeleServices will lose its permits in January after a court order to revoke permits awarded in a scandal-tainted 2008 sale.

Media reports have said Sistema is in talks to acquire Indian carrier Aircel, which is the country's seventh-biggest mobile phone operator by customers.

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