Russia’s third largest cellular operator by subscribers, MegaFon, has reports a 48% rise in revenues for 2007 to USD5.5 billion. The company had been forecasting sales growth of between 40% and 45%. Net profit figures for 2007 have not been released, though the firm is expecting net income to be around 20% of overall revenues. MegaFon, whose shareholders include TeliaSonera and Telecominvest, saw sales of USD3.7 billion and net profits of USD813 million in 2006. It claimed 33.8 million subscribers and a 21% of Russia’s mobile market at the end of September 2007, according to TeleGeography’s GlobalComms database.