15 Sep 2009 11:03

NWT sees IFRS earnings plummet 40% to 1.2 bln rubles

ST. PETERSBURG. Sept 15 (Interfax) - Northwest Telecom (NWT) , the incumbent fixed-line provider in Northwest Russia, saw its net profit to International Financial Reporting Standards (IFRS) plummet 40.1% year-on-year in the first half of 2009 to 1.219 billion rubles, from 2.036 billion rubles in the same period of last year, NWT said in an unaudited earnings report.

Sales revenue grew 4.6% year-on-year to 13.035 billion rubles while profit before tax fell 42% to 1.602 billion rubles and operating profit fell 1.5% to 2.717 billion rubles.

Svyazinvest, the national telecoms holding, owns 39.528% issued shares (50.76% voting shares) in NWT.