Russian long-distance calls provider OAO Rostelecom (ROS) Monday said first-half net profit fell 85% on the year to 1.43 billion rubles ($49.28 million) as operating expenses grew faster than revenue.

Under International Financial Reporting Standards, Rostelecom's revenue rose 4.4% to RUB32.77 billion, but operating income before depreciation and amortization fell 27% to RUB5.74 billion.

Rostelecom's first half revenue in 2008 was lifted by the sale of the company's stake in Golden Telecom to OAO VimpelCom (VIP). Rostelecom made a profit before tax of 8.67 billion from this sale.

Company Web site: www.rostelecom.ru

-By Will Bland, Dow Jones Newswires; +7 495 937 8445; william.bland@dowjones.com
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