20 February 2004 00:36
MGTS net profits soar 83% in 2002 (Part 2)
Sales revenue grew 26.18% to 12.7 billion rubles.
Capex grew from 2.4 billion rubles to 2.5 billion rubles and is
MOSCOW. Feb 20 (Interfax) - Net profits at Moscow City Telephone Network (MGTS) soared tentatively 83.2% to 2 billion
rubles in 2003, the company said in a news release.
targeted to grow to about 3.2 billion rubles this year to finance efforts to upgrade the network from analog to
digital.
"Capital expenditures will increase primarily in connection with the extensive renovation of the network, during
which all analog switches will be converted to digital. We will also add about 70,000 new lines in a bid to shorten the
waiting list [for telephones]," the press release quoted Mikhail Smirnov, the general director of MGTS, as
saying.
AFK Sistema owns a 55.62%-voting stake and telecoms holding Svyazinvest 28% in MGTS. [RU ASIA EUROPE EEU EMRG] pr
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