Net profit of OJSC "Southern Telecommunications Company" in RSA for 2008 amounted to 557.0 million rubles. compared to 1 billion 826.8 million in 2007, said the company. Thus the net profit declined to 3.3 times, or 69.5%. EBITDA (the sum of profit before tax, interest expense, depreciation of fixed assets) was decreased by 13.4% to 6 billion 366.7 million rubles. Revenue of JSC "UTK" for 2008 amounted to 20 billion 883.8 million rubles. That at 5.6% above the value of 2007. Expenses increased by 10.4% to 15 billion 753.6 million rubles. The volume of capital investments in 2008 amounted to 4 billion 807.2 mln. That 17.8% higher than in 2007. The level of digitalisation of local networks of JSC "UTK" to figure for 2007 rose by 3.32 percentage points and at the beginning of 2009 amounted to 72.21%. Commenting on the results for the year 2008, general director Alexander Andreev noted, that "on a background of positive change, SPC raised the general problem for telecommunications companies. - A high percentage of borrowings denominated in foreign currency, raising interest rates to attract capital, the devaluation of the ruble in relation to Dollar and Euro - these are the main causes of decline of net profit for the year. "
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