MGTS completed the first six months of 2003 with a net profit of Rub 870 million, which is 37% more than the same period last year.  Revenue totaled Rub 5.9 billion, overshooting 1H 2002 results by 22%.  The growth trend of revenues over expenses continued: revenues during the second quarter rose by 7% compared with the first quarter, while expenses increased by just 4%. 

Over the past six months the net asset value of MGTS rose by 5.3%, while the amount of borrowed funds decreased by 6.4%.  The financial results of MGTS were in line with expectations, maintaining the growth trends envisaged in the company’s business plan.