Russian cell phone operator MTS said on Wednesday its U.S. GAAP net income declined 6.8%, year-on-year, in 2008 to $1.93 billion. Mikhail Shamolin, the company's president, said the lower profit was attributable to differences in the exchange rate and debt denominated in foreign currency. Revenues in the reporting period climbed 24.2% to $10.25 billion due to growth in the subscriber base, while OIBDA (operating income before depreciation and amortization) grew 21.7% to $5.14 billion, MTS said. MTS is the largest mobile phone operator in Russia and the Commonwealth of Independent States, providing services to over 93 million subscribers in Russia alone. MTS provides mobile communications in Russia, Ukraine, Uzbekistan, Turkmenistan, Armenia and Belarus, with a combined population of over 230 million.
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