01:16 GMT29 February 2020
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    VimpelCom's net profit up 31% in 2Q2008 to $470 mln

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    MOSCOW, August 28 (RIA Novosti) - The net profit of Russia's second-largest mobile operator VimpelCom calculated to U.S. GAAP grew 30.9% year-on-year in the second quarter of 2008 to $470 million, the company said Thursday.

    Earnings during the reporting period were up 52.1% on the same period of 2007, to $2.6 billion.

    "In the second quarter we successfully refinanced our short-term debt related to the Golden Telecom acquisition. Following the refinancing, we started to intensify our sales and marketing efforts in the Russian mobile segment, resulting in 11% quarter-on-quarter revenue growth in this segment," commented Alexander Izosimov, chief executive officer of VimpelCom.

    The company, which operates under the Beeline brand, provides services in Russia, Ukraine, Uzbekistan, Tajikistan, Kazakhstan, Armenia and Georgia.

    VimpelCom's main shareholders are Altimo, the telecoms arm of Russia's Alfa Group, (44% of voting shares) and Norway's Telenor (29.9% of voting shares).

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