OREANDA-NEWS. Ukrtelecom, which is 92.86% state-owned and the largest fixed line and long distance operator in Ukraine, on October 25 announced its quarterly financial results. Company's net profits for 9M07 went up 48.6% y-o-y to $53.6 mln, with net revenues increasing by just 2.2% to $1.004 bln and gross profit rising 28.43% to $254 mln.

In 3Q07, Ukrtelecom's net income constituted $19.4 mln, down 18.6% y-o-y, while net revenues decreased 3.54% to $339 mln and gross profit dropped 2.34% to $88.6 mln. According to Alfa Capital Ukraine's experts these financial results can be considered neutral for Ukrtelecom and maintain theit 'buy' recommendation, with a 12M target price of $0.23/share and 5% upside.