Comstar posts 1Q 2010 net profit of $60.3 million

Telecommunications provider, Comstar, has posted a 1Q 2010 net profit of $60.3 million under US GAAP.

The bottom line is up 378% year on year from the 1Q 2009 net profit of $12.6 million, with OBIDA growing 24% to $178.8 million, on the back of a 7% increase in revenues to $407 million.

Sergey Pridantsev, President and Chief Executive Officer, said the company had a another strong quarter on top of progress in the restructuring of their ownership by Svyazinvest and the signing of a sale and purchase agreement with Rostelecom.

“We have also moved forward consistently with the integration of our operations into MTS, by commencing the rebranding of our alternative segment business and launching the first convergent subscriber offerings. In accordance with our strategy to develop and introduce innovative technologies and provide customers with enhanced service offerings, we have established a Project Centre to develop the seamless communications space for our customers by implementing IMS technology in the MGTS network.”