MOSCOW, October 4 (RIA Novosti) - Comstar United Telesystems [RTS: CMST] said Wednesday its U.S. GAAP net profit increased 170% year-on-year in April-June to $58.2 million.
Comstar UTS, the largest multi-service communications operator in Moscow and the Moscow Region, and also in several Russian regions and former Soviet republics, said in a news release its earnings in the second quarter had grown by 33% to $286.6 million year-on-year, operating income before depreciation and amortization (OIBDA) by 30% to $115 million and operating profit by 34% to $88.1 million.
Eric Franke, chief executive officer of Comstar UTS, said: "Our financial results for the second quarter of 2006 demonstrated sustainable top line revenue growth in both traditional and alternative business segments."
The company, which was formed in November 2004 through a merger of Comstar, MTU-Inform and Telmos, said its strategic vision was focused on further growth of its top line by capitalizing on the synergies within the group, cross selling to existing and new customers of the whole range of products and services, accelerating regional expansion and introducing performance-based compensation systems.
Comstar UTS' main shareholder is AFK Sistema [RTS: AFKS], which has a 54.58% stake in the company.
