OREANDA-NEWS  On 01 October was announced, that Volga Telecom [(RTS: NNSI, NNSIP; MICEX: VTEL, VTELP; ADR OTC USA: VLGAY; ADR FSE: NZHGy.F; ADR BerSE: NZHGy.Be; ADR Xetra: NZHGy.De; ADR SSE: NZHGy.SG)] released its unaudited financial statement for the first half of 2008 compiled under International Financial Reporting Standards (IFRS).

The consolidated interim financial statement was drafted on the basis of the Company’s unified accounting policies for 2008, which were revised, taking into account the requirements of new/revised standards/interpretations, and the version of the accounting policies for the previous year.

In line with the company’s H108 unaudited financial statement:

The Company’s consolidated earnings jumped 9.1% y-o-y to Rub 15.76 bln;

Earnings before interest, tax, depreciation and amortization (EBITDA) increased 13.3% to Rub 6,237 mln;

Net profit amounted to Rub 1,721 mln or 1.1% more than in the same period a year ago;

EBITDA margin came in at 39.6% (38.1% in January-June 2007).

Detailed information are available here.