Telecoms boosts Sistema

22 Dec 2006

Russian consumer services group AFK Sistema has announced its financial results for the three months to the end of September. The firm reported revenues of USD2.86 billion, of which its telecoms operations brought in USD2.08 billion, up 29% year-on-year. Group net profit stood at USD500 million, while the telecoms division had net profit of USD557 million, an increase of 40% over the third quarter of 2005. AFK Sistema’s telecoms holdings include stakes in Russia’s largest cellular operator MTS plus the largest alternative wireline and broadband operator, Comstar UTS.