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2001-11-28 / 2001-11-28
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28 2001 .

Sviazinvest announces financial results for three quarters

Sviazinvest has announced its financial results for the first nine months of 2001. The holding company reported revenue of 56.1 billion roubles ($1.87 billion), or 26.4 percent higher that for the same period last year. Long distance and international communications services accounted for 46 percent of the growth, while local telephony accounted for 42 percent. The provision of Internet access, IP telephony and other new services generated 1.4 billion roubles ($46.7 million). The holdings income before taxes totaled 10.6 billion roubles ($353.3 million), demonstrating a year on year growth of 14.6 percent. At the same time, net income only increased by 4 percent, or up to 6.4 billion roubles ($213.3 million). Sviazinvest attributes such insignificant growth to an increase in investments, which totaled 10 billion roubles, or 37 percent more that for the first nine months of 2000. Most of that money (68 percent) was provided by the companys subsidiaries. Of those, 7 billion roubles were spent on the development of local telephone networks, while investments in new technologies only totaled 430 million roubles.

 

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