Golden Telecom announces a 40% year-on-year increase in net income (excluding the impact of a change in functional currency) and a 35% year-on-year increase in revenues
08 Nov 2006
Golden Telecom, Inc. (“Golden Telecom” or the “Company”) (NASDAQ: “GLDN”), a leading facilities-based provider of integrated telecommunications and Internet services in major population centers throughout Russia and other countries of the Commonwealth of Independent States (“CIS”), today announced its financial and operating results for the third quarter of 2006 ended September 30, 2006.
Commenting on today’s announcement, Jean-Pierre Vandromme, Chief Executive Officer of Golden Telecom, said, “It has been another excellent quarter with revenue growth of 35% year-on-year. Such results clearly indicate the effectiveness of our strategy and our ability to execute it efficiently. More than a third of our revenues come from the regions, while we continue to grow our core business in Moscow. In the third quarter our revenues grew by 32% in Moscow, by 26% in the Northwest of Russia, and by 63% in other regions of Russia, Kazakhstan and Uzbekistan as compared to the third quarter of 2005. We are growing at twice the market rate both in Moscow and in the regions. To support our growth we have launched a massive re-branding campaign aimed at retail customers. In Moscow, we have deployed more than 5,300 WiFi nodes in total of which 2,700 were installed in the third quarter. Our network in Moscow is the largest WiFi network in Europe. We look forward to further revenue growth as our investments in broadband and federal transit network projects start generating revenues”.
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