Russian operator group MTS has reported a 25 percent year-on-year drop in net income for the third quarter of 2011 (to hit US$362 million), 1.4 percent down on the previous quarter. Revenues of US$3.27 billion are up 12.5 percent year on year and up 4.7 percent compared to Q2, with the Russian market – where MTS is the largest operator by connections – contributing the majority, with US$2.6 billion.