07:44 GMT25 February 2020
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    Russian mobile firm VimpelCom posts 64% net profit drop in 2008

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    MOSCOW, May 13 (RIA Novosti) - VimpelCom, Russia's second largest mobile phone operator, said on Wednesday its U.S. GAAP net profit declined 64.2%, year-on-year, in 2008 to $524 million.

    The company, which operates under the Beeline brand and provides services in Russia and other former Soviet republics, said its revenues in the reporting period grew 41.1% to $10.12 billion.

    VimpelCom attributed its net profit decline in 2008 to exchange rate differences and expenses related to the depreciation of assets amid the ongoing global financial crisis.

    Commenting on VimpelCom's financial performance, VimpelCom CEO Boris Nemsic said that the company would be able to "get through the period of macroeconomic uncertainty and sustain its leadership position."

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