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. Last Updated: 07/27/2016

Svyazinvest 7.4 b Ruble Net Profit

Russia's main telecoms holding, Svyazinvest, said Wednesday its net profit rose 40 percent to 7.4 billion rubles ($266 million) in the first nine months of 2000 compared to the same period in 1999.

Svyazinvest's gross revenues rose to 53.2 billion rubles in January-September this year, up 30.6 percent compared to the same period in 1999, Svyazinvest Executive Director Stanislav Avdiyants told an investment conference.

Svyazinvest, which controls telecoms firms in most of Russia's 89 regions, expected net profit of 9.3 billion roubles and gross revenues of 71.5 billion rubles in 2000, Avdiyants said.

Svyazinvest had said earlier that its net profit soared to 7.4 billion rubles in 1999 from 4.4 billion rubles in 1998.

The figures are calculated to Russian accounting standards, which differ significantly from ones used in the West and are not adjusted for inflation or rouble depreciation.