May 21 (Bloomberg) -- OAO Mobile TeleSystems, Russia’s biggest mobile operator, advanced the most in almost three weeks after first-quarter profit rose 59 percent from a year earlier as it cut financing costs and benefited from a stronger ruble.
Mobile TeleSystems, also known as MTS, gained 1.4 percent to 208.90 rubles, the biggest increase since May 2.
Net income climbed to $512 million from $322 million a year earlier, MTS said today in a statement. That beat the $395 million average estimate of nine analysts surveyed by Bloomberg. Revenue rose 2.7 percent to $3.01 billion, the company said. Revenue may increase 5 percent to 7 percent this year, Chief Executive Officer Andrei Dubovskov said.
“The first impression is very positive,” Victor Klimovich, an analyst at VTB Capital in Moscow, said by phone. “The market didn’t expect such a result. The fact that they raised their revenue growth guidance is very good.”
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