ARMENTEL REGISTERS 67.8% GROWTH IN NET PROFIT IN JAN-JUNE 2005

YEREVAN, SEPTEMBER 5. ARMINFO. The net profit of the ArmenTel telecom
company grew by 67.8% to 14.6 mln EUR in Jan-June 2005 as against
Jan-June 2004, reports OTE, the Greek company owning 90% of ArmenTel.

The operating income grew by 66.7% to 16.5 mln EUR. The operating
revenues grew by 33.3% to 51.6 mln EUR. The operating income before
depreciation and amortization grew by 40.6% to 30.5 mln EUR. The
number of fixed telephone lines grew by 3.2% to 587,891. The number
of mobile phone customers grew by 87.4% to 257,679.

OTE bought 90% of ArmenTel in late 1997 for $142.47 mln. The remaining
10% belongs to the Armenian Government.