ARMENTEL IFRS NET PROFIT GROWS 1.4% IN H1

Interfax News Agency
Russia & CIS Business and Financial Newswire
September 4, 2006 Monday 3:11 PM MSK

Armenian cellular provider Armentel, 90% of which is owned by Greece’s
Hellenic Telecommunications Organization SA (OTE), net profit to
international accounting standards grew 1.4% to 14.8 million euros
in the first half of 2006 from 14.6 million euros in the same period
in the previous year, OTE said in a financial report.

Armentel revenue increased 32.6% to 68.4 million euros in the first
half, compared with 51.6 million euros in the previous year, according
to the financial report. OIBDA grew 21.3% to 37 million euros. The
OIBDA margin fell to 54% from 59.1%.

Armentel had 593,328 fixed lines in the first half, compared with
587,891 lines in the previous year. It had 344,088 mobile subscribers
at the end of June compared with 257,679 subscribers.

OTE consolidated net profit grew 12.9% to 221.9 million euros.

Revenue rose 5.5% to 2.819 billion euros and OIBDA increased 8.5%
to 1.03 billion euros.