Telecominvest sale boosts profit at NWT

21 Jan 2008

The Russian regional telco North-West Telecom (NWT) is expecting a four-fold rise in net profits for 2007 to around RUB10.8 billion (USD443.9 million). The firm’s preliminary figures also show a 15% increase in revenues for the year to around RUB23.6 billion. The main factor behind the jump in profits was NWT’s USD410 million sale of its 15% stake in communications holding company Telecominvest. A statement from NWT says the company is currently studying a number of possible mergers and acquisitions, though further details were not released. NWT expects revenues of RUB24.23 billion and net profits of RUB3 billion in 2008, Reuters reports. NWT is one of seven mega-regional telcos part-owned by state telecoms holding firm Svyazinvest.

Russia, North-West Telecom (NWT), Svyazinvest