Do you have the breakdown of your cholesterol profile? Total cholesterol really tells you very little.
The most common effects of a low carb diet are that triglycerides should be lower, HDL should be higher and LDL can vary - sometimes higher/sometimes lower. Unfortunately only the US seem to regularly use lipoprotein size testing, so we have no way of knowing whether we have the large, fluffy LDL (protective) or the dangerous small dense LDL. I really wish we had access to the same kind of testing the US do :x