Azerbaijan, Baku, October 16 / Trend E. Kosolapova/
Kazakh telecommunication company Kazakhtelecom increased net profit to 216.6 billion tenge (150.62 tenge = $1) in January-September 2012 compared to 38.5 billion tenge in the same period of 2011, Novosti-Kazakhstan reported with the reference to the company's consolidated statement under International Financial Reporting Standards (IFRS).
The significant increase in net profit resulted mainly from selling a 49 percent stake in GSM Kazakhstan, rendering mobile communication services in Kazakhstan under such trademarks as Kcell, Activ, Vegaline in this period. Kazakhtelecom sold its share in this company to European holding company TeliaSonera. The deal was worth $1.519 billion.
Kazakhtelecom's revenues in January-September 2012 amounted to 122.1 billion tenge (4.2 percent increase), gross profit hit 37.5 billion tenge (18.6 percent).
The company's assets in the reporting period decreased by 5.2 percent to 397 billion tenge, equity decreased by 2.9 percent to 282.7 billion tenge.
Kazakhtelecom is the national telecommunication operator and the largest telecommunication company in Kazakhstan. The company has branches in all regions of Kazakhstan. Kazakhtelecom's main shareholder is Kazakh Sovereign Wealth Fund Samruk Kazyna.
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