Based on PTN's Q3 financial results the company posted revenues of RUB 2,884,800,000. The cost of goods (work and services) stood at RUB 2,001,326,000. The company's net profit was thus RUB 308,270,000.
3Q results reveal gains in PTN's major business indices. It should be noted that revenue growth outstripped costs. Thanks to an aggressive cost-cutting policy costs grew q-o-q only 4.8% while revenues rose 5.3%.
By increasing revenues PTS has been able to raise the volume of additional services, revise tariffs charged for a number of services, and grow its international and long-distance traffic. Thus, during the first nine months of 2001 the company generated over RUB 32mn in Internet access revenue, and 366 million minutes of international and long-distance traffic.
It is also noteworthy that amendments and additions made to the Company's Accounting Statute "Company Revenues" (PBU 9/99) and "Company Expenses" (PBU 10/99), approved under RF Ministry of Finance Order No. 27n of March 30, 2001, significantly impacted PTS's financial indices. The company's net profit declined as a result of adopting the new accounting requirements.
Accounts payable by the federal budget to PTS as a result of tax benefits available under the laws "On Veterans", "On Providing Social Protection to Disabled Persons" etc. stood at RUB 430mn as of October 1, 2001.
The federal budget has transferred approximately RUB 83 mn to PTS since the beginning of 2001, of which a little under RUB 28 mn was paid out in Q3 01.
Those who wish to take a look at PTS's balance sheet can find it on the company's website at www.ptn.ru in the section entitled Balance Sheets.