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Svyazinvest

August 20, 2004

Komi Svyaz sums up 1H 2004 performance

Komi Svyaz’s 1H 2004 sales revenues rose 23% compared with the year-earlier period and totaled Rub 780.2 mln, including Rub 437.3 mln from telecom services, while sales profit amounted to rub 187.5 mln. All in all, the telecom operator managed to meet all its 1H 2004 budget targets.

Special attention should be devoted to net profit, since within the first six months of the year this indicator sank 3-fold and stood at a mere Rub 36.9 mln. On the one hand, the telecom operator’s budget provided for such contraction, while on the other hand the overdue receivables skyrocketed and respective bad debt provisions were accrued.

All in all, Komi Svyaz’ receivables for telecom services grew by Rub 41.2 mln against the same period last year and stood at Rub 138.5 mln. The main debtors are still entities and institutions financed by the federal and local budgets, including law-enforcement agencies and social security authorities.

 

 

 

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