AFK Sistema reports 29% increase in US GAAP net profit in 9M05

MOSCOW, December 20 (RIA Novosti) - Russian leading holding company AFK Sistema said Tuesday its net profit according to US GAAP principles had increased by 29% in the first nine months of 2005 to $434.2 million.

The company's sales expanded by 31% to $5 billion, including $1.13 billion in Ukraine or about 20% of total proceeds in the reporting period.

The company's operational profit increased by 19% to $1.6 billion in January-September 2005. The share of MTS mobile phone communication provider accounted for 83% of the company's operational profit in the reporting period (90% in the same period last year).

The value of the company's aggregate assets rose by 57% to $12.1 billion.

AFK Sistema was founded in 1993. It includes companies operating in such areas as telecommunications, technology, insurance, real estate, banking, retail trade and mass media. The company's shares are listed on the London Stock Exchange, the stock market of the Russian Trading System and the Moscow Stock Exchange.