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Sistema Shyam Q3 loss narrows to Rs 406 crore

Telecom operator Sistema Shyam TeleServices, which operates under MTS brand name,<br>today reported narrowing of its net loss to Rs 406.3 crore for the third quarter ended<br>September 30, 2015.<br>

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Sistema Shyam Q3 loss narrows to Rs 406 crore

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  1. Sistema Shyam Q3 loss narrows to Rs 406 crore Telecom operator Sistema Shyam TeleServices, which operates under MTS brand name, today reported narrowing of its net loss to Rs 406.3 crore for the third quarter ended September 30, 2015. The company results, which is in process of merging with Reliance Communications, posted a net loss of Rs 437.9 crore in the same period a year ago. The operating loss of SSTL significantly reduced to Rs 44.3 crore during the reported quarter compared to Rs 103.7 crore it registered in corresponding three month period a year ago. "SSTL is now OIBDA positive in seven out of nine operating circles; Kerala being the latest circle to become OIBDA positive," SSTL Chief Operating Officer Sergey Savchenko said in a statement. The revenue of SSTL increased by about 10% to Rs 376.3 crore from Rs 342.7 crore during the period under review. "SSTL's operational parameters have shown an improvement during the quarter leading to 10% growth in consolidated revenues. In addition, the contribution of our non-voice revenues further increased to 58% of our quarterly revenues, the highest in the industry," Savchenko said. Non-voice revenues, from both data and mobile VAS, for the quarter increased by 5.4% compared to previous quarter to Rs 2,18.3 crore. "The contribution of our non-voice revenues further increased to 58% of our quarterly revenues, the highest in the industry," Savchenko said.

  2. SSTL offers high speed data services in 1,250 towns across 9 circles where it operates. Debt on the company from banks and financial institutions at the end of September 2015 stood at Rs 4535 crore. Sistema JSFC (parent company of SSTL) on November 2 announced the signing of binding documents regarding the merger of SSTL's telecom business with RCom. The closing of the transaction is expected in the second quarter of 2016 subject to regulatory approvals. "The signing of a definitive agreement with RCom to merge the telecom business of SSTL is a milestone event. The merger once completed, will strengthen the competitive position of the combined entity by fast tracking the growth of LTE technology in India," Savchenko said. In the reporting period, SSTL's mobile subscriber base slightly declined quarter-on-quarter and reached 8.4 million customers as of September 30, 2015. Article Source: Business Standard.

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