Golden Telecom doubles profits in Q1

29 Apr 2003

Russian fixed line operator Golden Telecom has announced Q1 2003 profits of USD12.8 million, doubling the USD6.2 million announced for the same period last year. Revenues rose from USD36.4 million to USD78.4 million, while operating profit increased to USD17.2 million from USD5.3 million. The report also showed that Golden increased its corporate subscriber base by 700, and figures for dial-up internet users increased by 250,000 in 2002. The company has forecast revenues of USD320 million – USD340 million for 2003, with EBITDA of between USD100 million and USD120 million and capital expenditure of UDS55 million – USD65 million.