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AFK Sistema [RTS: AFKS], one of Russia's largest diversified companies,
AFK Sistema [RTS: AFKS], one of Russia's largest diversified companies, said on Wednesday its unaudited consolidated US GAAP net profit in 2007 nearly doubled from the previous year to $1.6 billion.

The company said in a news release that its revenue increased 33.5% year-on-year to $13.7 billion, and operating income went up 21.7% to $ 3.3 billion. OIBDA grew 27% to $5.1 billion.

"The results reflect the consistent implementation of our strategy, which was revised in 2007," Alexander Goncharuk, president and chief executive officer, said.

"While continuing to focus on strengthening the leading market positions of our telecommunication assets, we also accelerated the development of our unlisted businesses, which operate in the booming consumer services sectors of the Russian economy."

Sistema is the largest public diversified corporation in Russia and the CIS, which manages fast growing companies operating in the consumer services sector and has over 80 million customers. Sistema develops and manages market-leading businesses in selected service-based industries, including telecommunications, technology, banking, real estate, retail and media.

Sistema Senior Vice President Alexei Buyanov said the company's investment in 2008 will be some $4.5 billion, around the same level as in 2007.

The company's shares are traded on the London Stock Exchange and Russia's MICEX and RTS bourses.


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