The open joint stock company Moscow City Telephone Network has released the results of its financial activity for the first nine months of 2002.

Balance sheet currency was up compared to the same period in 2001 by rub 1.3 on the strength of newly commissioned line capacity. Despite the investment program launched by the company, OJSC MGTS managed to maintain its growth trend in corporate earnings: revenues generated from sale of goods (work and services) stood at rub 7.482 bn (compared to rub 5.646 bn for the same period in 2001).  The cost of goods (work and services) rose insignificantly - up to rub 4.517 bn (this figure is up from rub 3.779 bn year-on-year).

Therefore, one of the greatest accomplishments of the OJSC MGTS management has been to achieve a major earnings increase while containing the growth of expenses, which resulted in the rise of net profit, which reached rub 986,715 mn compared to rub 102,604 mn during the same period last year.