Ukrainian incumbent PSTN operator Ukrtelecom has reported its consolidated financial results for the full year 2011. Gross revenue reached UAH8.039 billion (USD989 million), up marginally from UAH8.007 billion the previous year, and correspondingly, net revenues rose fractionally to UAH6.767 billion from UAH6.749 billion. Annual cost of sales was UAH5.451 billion, reduced from UAH5.581 billion, and total expenses were UAH6.971 billion (UAH7.020 billion in 2010). Net loss was reduced to UAH136.6 million in 2011, down from UAH260.4 million the previous year. As reported by CommsUpdate last month, Ukrtelecom’s 3G mobile subscriber base increased in December 2011 by 4.5% or 34,000 users, to reach 790,200 active SIMs. However, Ukrtelecom is in the process of selecting a buyer for its W-CDMA/HSPA-based cellular operations, after accepting second-round bid proposals up to a deadline of 25 November 2011. In September it announced it was transferring all assets of its mobile business from its internal Utel division into a newly formed company, TriMob, for sale, effective from 1 January 2012. It also reached a total of 1.343 million xDSL internet subscribers at the end of December 2011, an increase of 209,000 during the year.