Svyazinvest reports rise in profits

Russia's largest telecommunications holding Svyazinvest reported that itsnet profit had reached about 5.817bn rubles ($184m) in the first half of2002 versus 3.949bn rubles ($125m at the current exchange rate) in thecorresponding period last year. The company's report says that consolidatedrevenues from sales of goods and services reached 54.217bn rubles ($1.72bn)in the first six months of this year as compared to 42.331bn rubles($1.34bn) from January to June 2001. In particular, revenues fromtelecommunications services were at 51.363bn rubles ($1.63bn) in the firsthalf of 2002 and at about 40.17bn rubles ($1.27bn) in the correspondingperiod last year. The balance profit of Svyazinvest amounted to 8.145bnrubles ($258m) in the first half of 2002 as compared to about 6.64bn rubles($210m) in the first half of 2001. The gross profit of Svyazinvest in thesame period of this year was at 17.415bn rubles ($552m) as compared to11.84bn rubles ($375m) in the first half of 2001..

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