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Svyazinvest

May 28, 2003

Volga Telecom releases 1Q 2003 consolidated financial results: revenue was rub 3,125 million and sales revenue from Telecom Services was rub 3,039 million

The company's total expenses for regular business activities stood at Rub 2,256 for 1Q 2003.

1Q sales profit in 2003 was Rub 896 million.  Balance sheet profit of Volga Telecom was Rub 630,5 million, and the company's net profit was Rub 460,1 million.

Average number of lines serviced by each employee was 74.4 in 1Q 2003.  Revenue per employee increased to Rub 59,600, expenses per line reached Rub 800.3 and cost per ruble of revenue stood at 72%. 

During Q1 2003 Volga Telecom channeled Rub 767.9 million of capital investments, including Rub 572 million for the development of the local public telephone network.  As a result, 27,900 lines were entered into service.  Growth of main telephone lines stood at 56,200 and the average number of lines operated by Volga Telecom was 3,905,000 based on the results of 1Q 2003.

 

 

 

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