UPDATE 2-Russia's Vimpelcom Q2 net up 31 pct, shares jump

(Adds share price, comments, details, writes through)

MOSCOW, Aug 28 (Reuters) - Vimpelcom (VIP.N), Russia's No.2 mobile phone operator, posted a 31 percent jump in net profit for the second quarter backed by continuing market growth, sending its shares up as much as 8 percent on Thursday.

Net profit at Vimpelcom, which operates under the Beeline brand, was $470 million compared with $359 million in the same period of 2007 and a consensus forecast of around $490 million.

Despite falling short of expectations, Vimpelcom saw its stock rise 8 percent at the U.S. market opening, while shares in its key rival, Russia's largest carrier MTS (MBT.N), jumped 6 percent.

"The strong Q2 '08 results indicate that Vimpelcom is capable of withstanding the intense competition in the Russian mobile market," said Uralsib analyst Konstantin Chernyshev.

"We view the results as generally positive for the stock. We note that the company's Russian mobile operations remain crucial for its financials in the mid term; hence, its performance relative to MTS will remain a major driver for the stock."

MTS this month announced a 30 percent rise in quarterly earnings to $659 million and reiterated its full-year revenue growth guidance at 25 percent.

Revenue at Vimpelcom rose 52.1 percent to $2.61 billion driven by the first full quarter of consolidation of Golden Telecom, a fixed-line provider Vimpelcom bought this year, as well as organic growth in both mobile and fixed-line operations.

Monthly average revenue per user (ARPU), an important indicator of client quality, rose in Russia to $14.7 from $12.3, above the average forecast of $14.4, helped by stable pricing.

In Kazakhstan, the second-biggest market for Vimpelcom, ARPU fell to $12.3 from $13.6, also beating a consensus estimate of $11.9 in the Reuters poll.

Operating income before depreciation and amortisation (OIBDA) rose at a slower, 36.3 percent rate, to $1.22 billion, with an OIBDA margin falling to 46.8 percent from 52.2 percent due to expenses related to the integration of Golden Telecom.

Vimpelcom, in which Norway's Telenor (TEL.OL) and Russia's Alfa Group own large stakes, also confirmed it had signed an agreement with Apple (AAPL.O) to bring the iPhone 3G to Russia and that sales were expected to start later this year. (For a Reuters analytical survey of Vimpelcom's Q2 results, please click on [ID:nLQ151926]) (Reporting by Maria Kiselyova; Editing by Quentin Bryar)