Stock Market Alert - (ADR) (NYSE:VIP) Net up 107.50%, Misses estimates

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Vimpel-Communications (ADR) (NYSE:VIP) fell 3% to $21.18 after Russia's No.2 mobile phone operator, reported a 107.5 percent rise in third quarter net profit as the rouble firmed versus the same period of 2008 when it suffered a massive foreign exchange loss.

The company, part-owned by Norway's Telenor said net profit amounted to 13.51 billion roubles ($469.3 million at current rate), below a 16.36 billion average forecast in a Reuters poll, but within a wide range of 11.5 billion to 19.6 billion.

Vimpelcom also said it had revised its capital expenditure forecast for 2009 to 10-12 percent of sales from 12-15 percent previously to take account of the rouble appreciation.

Sales rose 3.5 percent year-on-year to 71.34 billion roubles, broadly in line with market expectations, Vimpelcom, which reports in roubles, said in a statement.