Sviazinvest Announces Annual results

Sviazinvest, the holding company comprising most of Russia's local telecommunications operators, has announced the results of its work in 2000. Annual revenues of the holding's members totaled 72.4 billion roubles ($2.6 billion), representing an increase of 16 billion roubles compared with 1999. Net income remained almost the same as the year before - 9.3 billion roubles compared with 9 billion roubles in 1999. In 2000 Sviazinvest subsidiaries installed switching equipment with a total capacity of 1.2 million telephone lines, worth about 12 billion roubles, of which 3 billion were provided by outside investors. The holding also announced some plans for this year. By the end of 2001, its members intend to increase their total switching capacity by 1.8 million lines. This plan is valued at about 22 billion roubles, over 50 percent of which the holding hopes to get from outside investors. Sviazinvest also expects its annual revenues to reach 87 billion in 2001, and forecasts pre-tax profits of 17 billion roubles.

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