Accounting change impacts on Golden profits

5 May 2006

Russian fixed line operator Golden Telecom has reported rises in first quarter revenues and core earnings, although changes to accounting methods meant net profit was down 6%. Revenues for the three months to the end of March were up 13.8% to USD178.1 million, but net profit fell from USD20 million to USD18.8 million year-on-year. The firm had just under 190,000 fixed line customers and almost 50,000 cellular subscribers at the end of March.