Ukrainian incumbent PSTN operator Ukrtelecom has reported its consolidated financial results for the full year 2012, although it did not provide directly comparable yearly values in the statement. Gross revenue reached UAH8.246 billion (USD1.004 billion), higher than the UAH8.039 billion reported in full-year 2011, and net revenues reached UAH6.948 billion (higher than UAH6.767 billion reported in 2011). Annual cost of sales was UAH4.729 billion (lower than UAH5.451 billion reported in 2011), and 2012 gross profit was given as UAH2.219 billion. In full-year 2012 Ukrtelecom reported a positive net profit of UAH366.8 million (compared to a net loss of UAH136.6 million reported in 2011). Ukrtelecom transferred all assets of its mobile business from its internal Utel division into a newly formed company, TriMob, on 1 January 2012.