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North-West Telecom

July 2, 2004

OJSC North-West Telecom has corrected the forecast of the net profit in the year 2004

On 30th June 2004 a meeting of the Board of Directors of OJSC North-West Telecom was held, that approved the proposals of the Management Board of the Company on introducing adjustments to the Company’s budget for the year 2004.    

The Board of Directors approved the forecast of OJSC NWT’s net profit   for 2004 in the amount of RUR 1.101 million, which is higher than the earlier forecasted volume of net profit (RUR 920 million) by 19.6 %.   

NWT added that the profit forecast doesn't include the profits of the two companies it will finish acquiring in Autumn, OJSC Lensvyaz and OJSC Komisvyaz

The increased forecast of OJSC North-West Telecom’s net profit is due to the measures taken to reduce costs in the framework of the Company’s strategy, as well as due to the reduction of the forecasted doubtful debt reserve.

 

 

 

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