Svyazinvest's revenues advance

In 2002, revenues of the Svyazinvest telecommunications company gained 16 percent to RUR115.3bn (about $3.65n), Svyazinvest's General Director Valery Yashin reported at a meeting of the enlarged board of the Russian Telecommunications Ministry. Capital investments in the company's development reached RUR26.7bn (about $845.45m) in 2002. According to Yashin, over the past year, 2.6 million additional telephone numbers were created, which was 700,000 more than in 2001. Gross revenues per telephone line amounted to RUR4,000 (about $127). Revenues per employee were RUR317,000 (about $10,038) in the reported period.

Yashin believes that the most important event of 2002 was a merger of seven regional telecommunications companies of Svyazinvest. This provided for increasing the capitalization of the holding from $1bn as of January 1, 2001, to $1.8bn on January 1, 2003.

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