Sviazinvest announces 1999 results

Sviazinvest has announced the results of its work in 1999. Last year, the holding recorded total revenue of 56.2 billion roubles (about $1,97 billion at today’s exchange rate), a 35.1 percent increase compared with 1998. Most of the growth was derived from long distance and international communications (61 percent, or 7.1 billion roubles) and local telephone communications (33 percent, or 3.8 billion roubles). Net income totaled 9 billion roubles (about $315,8 million). The holding’s expenses also grew significantly and exceeded 40 billion roubles (about $1,4 billion), or 29.9 percent more than in 1998. In 1999, Sviazinvest invested over 13 billion roubles (about $456 million) in its development. Of those, 29.7 percent were provided by outside parties, including foreign investors ($34 million). As a result, the holding put into operation 1.172 million new subscriber telephone lines (total capacity of the holding now amounts to 28.5 million lines), built 3,700 km of cable and radio relay links and 9,400 km of fiber optic trunks. In 2000, the company plans to increase its revenue to 66.8 billion roubles and net income – to 13.9 billion roubles; build another 1.2-1.3 new subscriber lines (including 19,000 cellular subscribers), lay 2,850 km of zone and 2,500 km of trunk lines; install three satellite earth stations for the Russian segment of Globalstar. Investments in the development should total 8.4 billion roubles.

Sviazinvest: (+7 095) 229-41-14 www.svyazinvest.ru

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