UPDATE 2-Russia's Sistema beats f'cast, plans acquisitions

(Adds analyst and company comments, details, share price)

By Maria Kiselyova

MOSCOW, May 14 (Reuters) - Russian services conglomerate Sistema (SSAq.L: Quote, Profile, Research) posted above-forecast rises in fourth-quarter earnings and sales backed by its core telecom asset and signalling an outpacing growth of its non-public businesses.

Net profit came in at $466.7 million, the London-listed company which controls Russia's No.1 mobile phone operator MTS (MBT.N: Quote, Profile, Research), said in a statement, beating an average analyst forecast of $332 million in a Reuters survey.

That compares with a restated $2.9 million in the fourth quarter of 2006 which was eroded by writedowns at MTS, stemming from its attempt to win control of Kyrgyz mobile operator BiTel.

Konstantin Chernyshev, analyst at Uralsib Bank, said the divergence from the consensus expectations stemmed mainly from higher-than-expected forex gains and lower effective tax rate.

"We think the divergence from consensus expectations ... is unlikely to materially improve market sentiment towards Sistema in the longer term, as no surprises regarding operations or strategy emerged," Chernyshev said.

Sistema's London-listed stock was trading at $32.70 at 1445 GMT, an increase of 0.62 percent on the day. In Moscow, its shares rose by around 5 percent AFKS.RTS (AFKC.MM: Quote, Profile, Research).

Revenue at Sistema jumped 27 percent to $4.09 billion, of which the group's telecom units -- MTS and fixed-line operators Comstar (CMSTq.L: Quote, Profile, Research) and MGTS MGTS.RTS -- generated 67.8 percent. The average forecast in a Reuters poll was $4.08 billion.