Rostelecom posts FY 2008 Net Profit of 12.2 billion Roubles

Russian fixed line telecom provider, Rostelecom, has posted a FY 2008 Net profit of 12.2 billion Roubles under IFRS.

The bottom line was up fourfold on the 2.8 billion rubles Net result posted for FY 2007 on the back of Revenues rising 3.1 % year on year to 66.6 billion Roubles.

The company attributes its net result to the climbing Revenues from data transmission, that last year jumped more than 400% to 5.4 billion Roubles, coupled with the sale of its 11 % stake in fixed-line telephone and Internet provider Golden Telecom to mobile operator VimpelCom in February, 2008, for $464 million.