Russia’s Rostelecom ended the first quarter with 8.1 million pay-TV subscribers, or 7% more than a year earlier.

Of these, 2.9 million opted for IPTV services, up 24% on the same period in 2014.

Rostelecom’s revenues in Q1 amounted to R71,710 million (€1,293 million), down 11% (consolidated) on the same period last year. OIBDA was R24,525 million (-7%) and net income R2,143 million (-69%).

Commenting on the results, Sergey Kalugin, president of Rostelecom, said: “Our first quarter results clearly demonstrate that we are delivering on our strategic objectives. Our broadband and pay-TV subscriber bases continue to expand, ARPU is growing and we remain committed to developing innovative services. As a result, these rapidly growing market segments are gradually increasing their overall contribution to Rostelecom’s revenue, which already accounts for 37%.

“Despite the promising growth of the digital segments, the high comparison base caused by one-off income gained during the Sochi Winter Olympics in the first quarter of 2014 meant that we were unable to increase revenues in nominal terms this quarter. We are pleased to have achieved a solid OIBDA margin and that our efforts to curb the rise in financial expenses have paid off, despite the significant increase in the market cost of borrowing and volatility in the capital markets.

“As reflected by our first quarter results, we are consistently achieving the goals set out in our five-year strategic plan. We remain on track to fulfilling our strategic objectives and we look forward to seeing the Company’s continued growth.”