Russia's only listed media company RBC reported a near tripling in net profits on Tuesday as its television channel started to bring in money and predicted strong results for 2005. RBC said in a statement that net profits last year soared to $10.9 million from $3.7 million in 2003.

Consolidated revenues for the company, which unites Russia's first business television channel, a news agency and some IT assets, rose to $75.1 million from $48.5 million. Earnings before interest, tax, depreciation and amortization rose to $20.1 million from $7.9 million.

"In 2003, we launched RBC TV and there was much spending related to the project," investor relations' head Natalya Makeyeva said. "This year the project started bringing in revenue."

She said RBC expected its TV channel to make a net profit of $2 million in 2005 after breaking even in the second quarter.

"Looking forward, we are going to build on our successes as we launch more new media and IT projects in 2005 and beyond," RBC chairman and CEO German Kaplun said in the statement.

RBC forecast that this year, excluding planned acquisitions, its overall revenue will rise to at least $98 million while net profit would amount to $22 million. Consolidated EBITDA will be $29.4 million.

Financial Director Dmitry Belik told a conference call that RBC planned capital expenditures at $10 million in 2005.

Kaplun said RBC would by April 1 sign agreements to buy an IT and a media and IT company. The firms would add $50 million to $60 million to RBC's 2005 turnover and $6 million to $7 million to net profit.