URGENT: Russian cell phone firm MTS posts 6.8% net profit drop in 2008

MOSCOW, March 11 (RIA Novosti) - 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.