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. Last Updated: 07/27/2016

Svyazinvest's Sees Profit Almost Triple

Svyazinvest, the country's holding company for fixed-line phone operators, said Tuesday that profit almost tripled last year on more customers and new services.

Net income advanced to 22.5 billion rubles ($958 million) from 8.9 billion rubles a year earlier, Svyazinvest said. Revenue climbed 17 percent to 246 billion rubles, according to unaudited results under international accounting standards.

"New services were the main revenue driver for Svyazinvest," chief executive Alexander Kiselyov said in the annual financial report. "The range of services based on broadband Internet was constantly expanding in 2007."

Svyazinvest's seven regional operators and Rostelecom are increasingly investing in development of Internet services, with the number of broadband subscribers in Russia doubling last year to 4.8 million. Svyazinvest units counted more than 1.5 million broadband subscribers at the end of last year.