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Articles & publications
12.05.2010
Svyazinvest plans to raise net profit by more than 8% to RUR 31 bln – holding’s CEOPrime-TASS
Svyazinvest plans to raise net profit by more than 8% this year, the general director of the holding Evgeny Yurchenko said at an expanded meeting of a panel of the Telecommunications Ministry today. “We expect the holding’s net profit to reach almost RUR 31 bln”, he said. The holding’s net profit stood at RUR 28.5 bln in 2009.
“In 2010 the holding’s main challenges in its financial policy included forming reserves to help make it smoothly through the merger process, further deleveraging its debt portfolio and additionally decreasing the cost of borrowed funds”, Mr. Yurchenko said.
He went on to say that further deleveraging is expected in 2010 and that the holding’s debt portfolio should amount to RUR 95.4 bln as of January 1, 2011. In addition, the plan is to lower the level of net debt from RUR 86 bln to RUR 79.5 bln by the beginning of 2011.
Mr. Yurchenko also announced that this year “the company will continue to invest in high-tech projects, while the proportion of investments in business development will go up to 86%. Due to the economic downturn during 2009 the holding’s total capital investments decreased by 53% in 2008 and stood at 32.8 bln. However, investments are set to go up by more than 40% and reach RUR 47 bln in 2010”, Mr. Yurchenko said.
The holding’s CEO pointed out that the main investment areas will remain development of broadband Internet (more than 50% of the total amount of investments) and the formation of telecommunications infrastructure.
In addition, Svyazinvest expects its subscriber base to number more than 7 mln in 2010. “The holding has leadership positions in the pace of growth of its subscriber base in the broadband Internet segment, outpacing the main players”, Yurchenko pointed out.
The head of the holding gave assurances that “all legal aspects of the reorganization of the holding and the merger between Rostelecom and the seven regional telecom operators controlled by the holding will be wrapped up by April 2011. I have no doubt that the schedule approved for the reorganization of Svyazinvest will be faithfully adhered to”, he concluded.
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