MTS cuts forecasts following instability in Ukraine

21 August 2014 | Kavit Majithia

Russia’s MTS has cut its full year sales and core profit forecasts after its operations in Ukraine were affected by instability.

Ukraine is MTS’ second biggest market, and many businesses across numerous sectors have been hit by the country’s political uncertainty.

MTS has cut revenue growth targets by over 1% for the 3%-5% range, and operating income before depreciation and amortisation will be flat year on year, which is a revision of a previous forecast indicating a 2% increase.

According to its results, MTS also reported a 1.4% increase in second quarter revenues, falling slightly below analyst predications of a 1.7% rise.