Thursday, October 30, 2008 3:49:37 PM
4:41 AM EDT October 30, 2008
MOSCOW (Dow Jones)--Russia's two biggest cellular providers said Thursday they remain bullish on their prospects, despite the unfolding economic crisis.
Mikhail Shamolin, chief executive of no. 1 operator OAO Mobile Telesystems (MBT), said his company wouldn't adjust this year's growth forecasts and has enough free cash to pay interest on debt, dividends and finance capital spending and a pre-announced share buyback.
Meanwhile, OAO Vimpel Communications' (VIP) Chief Financial Officer Elena Shmatova said any slowdown in customer spending on calls wouldn't be significant.
"Even if we see a decline in usage, it won't be dramatic," Shmatova said, adding the economic downturn in Kazakhstan had resulted in an initial shock followed by a recovery.
"After six months, (Kazakh) users got used to the new conditions and adjusted back to previous spending levels," she said.
CEO Shamolin said MTS doesn't see evidence of a slowdown in Russia as yet.
"It's too early to predict the effect of the crisis but we don't see any major reason to change our 2008 guidance," Shamolin said.
He added, MTS would give guidance for 2009 towards the end of this year.
"It was the best of times, it was the worst of times; it was the age of wisdom, it was the age of foolishness;
-- Charles Dickens
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