Russia-based Comstar United TeleSystems has released its unaudited US GAAP results for the full year 2008. The telco reported revenues of USD1.65 billion for the twelve months ended 31 December 2008, an 11% year-on-year growth. Net income totalled USD179.6 million, whilst capital expenditure came to USD354 million for the full year. The company has also reported cash flow from operations of USD593.6 million.
Sergey Pridantsev, president and chief executive officer of Comstar, commented, ‘2008 was another year of substantial progress for Comstar. Due to the execution of our long-term strategy and balanced financial policy we have ensured that we are as well positioned as possible in the current market environment.’