| MOSCOW, April 22 /Prime-TASS/ -- The net profit of the Moscow City Telephone Network (MGTS), Russia’s second-largest fixed-line operator, tripled on the year in 2002 to 1.13 billion rubles under Russian Accounting Standards (RAS), according to final estimates, the company said in a press release Tuesday.
In 2001 the company’s net profit stood at 366 million rubles.
The company’s revenues rose 27.3% on the year in 2002 to 10.1 billion rubles, it said.
Last year, MGTS restructured its debt, benefiting from higher profits and the macroeconomic stability.
This allowed the company to reduce spending on its debt servicing, the press release said.
In 2002, the company introduced 81,900 new telephone lines.
The company’s capital investments remained unchanged on the year in 2002, at 2.1 billion rubles.
The company’s major shareholders are AFK Sistema, which controls 47%, and Russia’s national telecom holding Svyazinvest, with a 23% stake. The remaining 30% in the company are held by other minority shareholders. (31.1022 rubles – U.S. $1) End
22.04.2003 16:03:08
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