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Russia's SibirTelecom posts 140% rise in RAS net profit in 1H06

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MOSCOW, July 31 (RIA Novosti) - SibirTelecom [RTS: ENCO] said Monday its net profit calculated to Russian Accounting Standards increased 140%, year-on-year in the first half of 2006 to 1.55 billion rubles (about $57 million).

SibirTelecom, a leading fixed-line service provider in Siberia, said this was mostly due to changes in relations with other operators, increased client base and internet traffic, and the development of its mobile phone business.

Company revenue in the first half of the year reached 10.76 bln rubles ($398 mln), up 4.16% year-on-year.

Earnings before interest, taxes, depreciation and amortization (EBITDA) grew 33.5% from the first half of 2005 to 4.12 bln rubles (about $152 mln), while expenditure declined 4.5% to 8.14 bln rubles (about $301mln).

SibirTelecom is Russia's third largest fixed-line telecoms operator by installed capacity, with 3.4 million active lines, and in terms of revenue. The company's area of operations covers about 29% of the country's territory, and 14% of its population. Market capitalization stands at around $1bln.

In addition to fixed-line and mobile phone services, SibirTelecom's operations include data communication and internet, audio broadcasting, and telegraph services.

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