PJSC MGTS concluded its first six months' activity with a net profit of RUR 870 million, which is 37% higher than the respective last year's indicator. The revenues made up RUR 5919 million, having exceeded the income volume of the 2002 first half-year period by 22%. The revenue rate continued to grow faster than that of the costs. The 2003 second quarter revenues increased by 7% as against the first quarter ones, while the costs grew by 4% respectively.

For the six months just ended, the PJSC MGTS assets increased by 5.3%, whereas the volume of the loan proceeds decreased by 6.4%.

The financial and operating results of PJSC Moscow City Telephone Network (MGTS) are within its expectations, having retained the growth dynamics specified in the Company's approved business plan.

Copyright (ñ) 2003 ÎÀÎ ÌÃÒÑ.