25 May 2004 10:22
Lensvyaz sees net profits shrink 71% in Q1
ST. PETERSBURG. May 25. (Interfax) -Lensvyaz saw its net profits by 71.4% year-on-year to 4.552 million rubles shrink
in the first quarter of 2004, Viktoria Sobolyeva, secretary to the telecoms provider's board of directors, told
Interfax.
The drop in net profits was planned in connection with Lensvyaz's merger with Northwest Telecom, which will be
completed when its shares are converted on October 1, 2004.
The company's accounts payable increased to 159.78 million rubles on April 1, 2004 from 110.39 million rubles on
January 1, 2004 and receivables rose to 211.59 million rubles from 184.17 million rubles.
The major shareholders in Lensvyaz are Svyazinvest, with 38% of the shares and the former Russian Federal Property
Fund with 20%. Nominal shareholders are ZAO Brunswick UBS Warburg, with 14.29% and Depository Clearing Company with
7.31%. [RU ASIA EUROPE EEU EMRG TEL RES CORA MRG STX] RM PR
[Interfax] |
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