MegaFon, which was established in 2002, said its revenues in the reporting period increased 28.8% to 37.79 billion rubles ($1.6 billion), gross profit climbed 29.2% to 30.49 billion rubles ($1.29 billion) and earnings before interest, taxes, depreciation and amortization (EBITDA) rose 32.3% to 18.89 billion rubles ($800 million).

The number of MegaFon subscribers totaled 36.97 million in the first quarter of 2008.