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Articles & publications
26.03.2010
Global financial crisis did not prevent Svyazinvest from growing in 2009ITAR-TASS
Svyazinvest managed to achieve growth in 2009 despite the global financial crisis. The board of directors said that the telecommunications Group posted positive results, ITAR-TASS reported today.
“In 2009 the company showed positive performance in all headline financial indicators. Strict cost-cutting made it possible to boost net income by 21.2% and revenue increased 2.4%. The holding achieved growth in business value and laid the groundwork for raising its capitalization”, deputy director general of Svayzinvest Elena Umnova pointed out in a presentation. She went on to note that the target budgets of the Group’s companies provide for further growth of financial and economic indicators, as well as higher business efficiency. The general director of Far East Telecom, which is controlled by Svyazinvest, Andrei Balatsenko, said that in 2009 the company strengthened its positions on the paid-services market in 2009 and achieved strong financial efficiency. Far East Telecom holds leading positions in most segments of the service market, for example, with the second biggest subscriber base for interactive TV services in Russia, with nearly 76,800 subscribers.
The decisions of board of directors meeting included an instruction to work out an energy conservation and efficiency program and forward these documents to the State Property Management Agency for subsequent submission to the Government of the Russian Federation.
The board of directors also adopted a decision to convene a general shareholder’s meeting of Svyazinvest, the agenda of which is to include the State for paying out remuneration to members of the board of directors of Svyazinvest”. Earlier, no remuneration was paid to the Company’s board of directors.
The Svyazinvest Group of companies is the largest telecommunications group in Russia and one of the biggest telecom groups in the world. Its main assets include seven regional fixed line telecommunications companies (CenterTelecom, North-West Telecom, VolgaTelecom, Southern Telecommunications Company, Uralsvyazinform, Sibirtelecom and Far East Telecom), national long-distance operator Rostelecom, Central Telegraph and leading telecom design institute Giprosvyaz.
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