Preliminary 1H 2003 data show that Volga Telecom achieved its key financial targets.  Volga Telecom’s gross revenue was up 25% compared to the same period last year, reaching Rub 6.4 billion.  Revenue derived from the telecom services jumped by 26.9%, reaching Rub 6.2 billion.  Operating expenses reached Rub 4.7 billion. 

Sales profit reached Rub 1.6 billion (posting a 105.4% growth rate), while pre-tax profit stood at Rub 1.1 billion (posting a 105.4% growth rate), and net profit increased by 5.9% for a total of Rub 665 million.  EBITDA rose 1.5%, totaling Rub 1.8 billion based on preliminary information sources.   

During 1H 2002 the company allocated Rub 1.7 billion to the development of telecom facilities (up 160% on 1H 2002).  Outgoing paid exchange on international and long-distance traffic posted a gain of 121.5%, totaling 932,881,000 minutes.

The average number of staff employed by the company during 1H 2003 dropped to 49,483

(a 95.1% growth rate compared to 1H 2002).