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. Last Updated: 07/27/2016

Svyaz Profits Plummet

MOSCOW -- Svyazinvest, the controlling force in the domestic telecoms industry, said Monday its 1999 first quarter profits fell 84 percent to 400 million rubles ($16.37 million).

The company, which controls 84 out of 88 regional telecoms operators, said in a statement the loss was the result of the fall in the ruble. It did not give concrete figures for the year-earlier period.

The statement did not say on which accounting standards the profit figure had been calculated.

Svyavinvest has large amounts of hard currency financial obligations, a significant portion of which are to foreign equipment suppliers. It owes about $320 this year alone and its total volume of foreign debt obligations is $1 billion.