The current year's first quarter revenues have made up 2 855 million RUR that exceeded the revenues of the respective period of 2002 by 448 million RUR. However, the net cost of the provided services have grown up by 29%, constituting 1 823 million RUR as against the last year's first quarter.

The PJSC MGTS-generated net profit for the first quarter of 2003 is 343 700 RUR, which surpassed the respective 2002 indicator by 81.7 million RUR.

For the reporting period, the Company has improved its liquidity indicators through increasing the high liquidity items in the balance sheet and by improving the liabilities structure, i.e. the PJSC MGTS short-term liabilities came down, against its long-term liabilities going up. The net assets grew up by 469 million RUR as compared with the first quarter of the last year, constituting 17.5 billion RUR.

Attachment: the PJSC MGTS balance sheet for the first quarter of 2003 (in Russian).