North-West Telecom ups RAS net profits 43.5% in H1
ST. PETERSBURG. July 28 (Interfax) - OJSC North-West Telecom earned 881.967 million rubles in Q2 net profits to Russian Accounting Standards (RAS) after 1.424 billion in Q1, which added up to a 43.5% year-on-year increase for the first half as a whole, the company reported.
The drop from quarter to quarter was attributable to a substantial increase in operating expenses brought about by seasonal maintenance work on transmission lines done in Q2, the company said.
Exchange rate differences caused North-West Telecom Q2 losses of 405 million rubles after 87 million rubles of profits in Q1.
The company is the base fixed-line communications operator in Russia's northwest. Its main shareholder is Svyazinvest with 39.528% of charter capital (50.76% of voting shares).