In 2011, consolidated revenues were up 23 percent to $33 billion.

Net income was $218 million and without one-offs of $999 million.

Net loss attributable to Sistema was $530 million and without one-offs net income of $261.4 million.

The Group's consolidated results for the fourth quarter of 2011 and the full year were impacted mainly by non-cash one-off items primarily related to the $346 million loss from impairment of SSTL licenses following India's Supreme Court ruling to cancel 122 licences, including 21 licenses of SSTL, and $352 million of SSTL goodwill write-off.

"Our investments have enjoyed a strong year, delivering a 23 percent increase in revenues and substantial growth in net income, excluding one-off effects. Foremost, these results are underpinned by excellent organic growth in our Core Assets portfolio, primarily in the oil and telecoms segments, where Bashneft increased production by 6.8 percent and benefited from stable oil prices, while MTS implemented its strategy of monetizing subscriber base, resulting in strongest sector profitability," said Mikhail Shamolin, president and chief executive officer of Sistema.

SSTL's revenues increased by 77.3 percent year-on-year in the fourth quarter and by 128.8 percent in 2011.

Strong revenue growth resulted from a substantial 78.0 percent increase in SSTL's mobile subscriber base which reached 15 million. The OIBDA loss year-on-year increased due to licence write-offs and the company's focus on expanding operations across all circles in the country.

Blended mobile ARPU for the fourth quarter and in 2011 reached $1.85 and $1.78, respectively.

The data card subscriber base more than doubled in 2011 and demonstrated a 23.5 percent growth in the fourth quarter amounting to 1.3 million.

Non-voice revenues from both data and mobile value-added services for the fourth quarter increased to $25 million. The share of non-voice revenue as a percentage of total revenue increased by 0.6 p.p. to 33 percent in the fourth quarter.

In October 2011, SSTL launched international roaming services for its prepaid subscribers enabling them to roam across 433 GSM networks in 231 countries. In addition, SSTL launched a dual-mode SIM card which would work both on GSM handsets while abroad and on OMH CDMA handsets while in India.

In October 2011, SSTL became the first telecom operator in India to launch High Speed Data (HSD) Connectivity on the 350 km National Highway between the two cities, Bengaluru and Chennai.

In September 2011, SSTL successfully launched the world's first CDMA EV"DO Rev. B Phase II network in the city of Jaipur.

In August 2011, SSTL launched India's most affordable Android smartphones MTS MTAG 3.1 and MTS Livewire, which are based on Qualcomm Snapdragon S1 processors.