Volgatelecom posts FY 2008 Net Profit of 2.9 billion Roubles

Russian regional telecom, Volgatelecom, has posted a FY 2008 Net profit of 2.9 billion Roubles under IFRS.

The bottom line was down 3.8% on the 3.1 billion Rouble Net result posted for FY 2007, with EBITDA increasing 5.9 % year on year to 12 billion Roubles, as Revenues climbed 6.7% year on year to 32.1 billion Roubles.

The company attributed the Net result in part to declining revenues from connection and traffic transmission services. However, it was upbeat about the rising number of subscribers for its broadband internet services. Broadband subscriber numbers doubled to 785 thousand and revenues from data transmission and telematic services grew by more than 58%.