MGTS reports rise in revenues

Revenues of the Moscow City Telephone Network (MGTS) from sales of goods, work and services in 2002 reached 10.1bn rubles (about $318m at the exchange rate as of January 1, 2003), which was 27.3 percent more than in 2001. The company's gross income reached more than 3.899bn rubles (about $123m) against about 2.832bn rubles (about $94m at the exchange rate as of January 1, 2002) in 2001, and sales income went up to about 2.608bn rubles ($82m) versus almost 1.856bn rubles (about $62m) in 2001. A source in the company reported that these high revenues allowed for allocating 38 percent of the own funds (2.7bn rubles, or $85m) for capital investments.

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