Ukrtelecom (UTEL: HOLD) declared net revenue of USD 957 mln during 9M05 (10.6% growth yoy). The company did not declare its net income. According to UTEL, its long-distance traffic is declining due to mobile cannibalization: the company has not been allowed to change its tariffs since 2003, which makes UTEL’s prices uncompetitive in comparison to mobile operators. Tariff changes which were adopted by the NCRC in the summer of 2005, are stuck in bureaucratic limbo and have not yet been implemented. Concorde Capital: Mobile operators are the main revenue drivers for UTEL: the company now earns on growing fixed-to-mobile traffic, on charges from the termination of mobile-to-fixed traffic, and on the transmission of mobile-to-mobile traffic. UTEL is also expanding its data and internet access service (27.1% growth yoy).