The most important financial indicators of Kazakhtelecom JSC have negative tendencies - Returning committee

/Kazakhstan Today, Astana, December 13, 07/ - The most important financial indicators of Kazakhtelecom JSC have the negative tendencies. Such conclusion had made the Returning committee, the correspondent of agency says with reference on press-service of committee. "Analysis of financial state of Kazakhtelecom JSC shows the negative tendency of number of most important financial indicators", - is said in the message of Returning committee, spread on Thursday. In particular, the controllers had noted, "is observed the growth of [rime costs of realized services". "In year 2005 prime cist of realized services of the company exceeded the plan by 16.7%, and in year 2006 - by 12.1%, In year 2006 prime cost of realized services makes 69% in structure of all costs of Kazakhtelecom JSC. Is admitted the increase of estimate of general and administrative costs for the total amount of about KZT2 bn.", - in Returning committee had stressed. Except this, by data of controllers, in years 2005-2006 "was not executed on proper level the claims work for returning of accounts receivable". "At that in specified period were written off the accounts receivable for amount of KZT23.2 m. Except this by the company in years 2003-2006 was provided the financial help to daughter organizations - Altel JSC for the total amount of about KZT2 bn. with maturity term in May 2007. At the moment of inspection the financial help was not paid", - is noted in the message. Also, by data of Returning committee, Kazakhtelecom JSC every year borrows loan funds for replenishment of floating assets. "As of January 1, 2007 total sum of liabilities on loans made KZT57.1 bn., and paid interests on short-term and long-term loans for year 2006 totaled KZT2.6 bn. Borrowing loan funds, in year 2006 the company placed free money funds for amount of KZT76.4 bn. on deposits of second tier banks (STB) and received the remuneration for amount of KZT25.9 m.", - is noted in the message. At that, as the controllers stated, Kazakhtelecom JSC placed temporarily free money funds on deposits "without conduction of any competitive analysis of STB financial services", and "maximal limit of offering of temporarily free money funds was exceeded". "Returning committee recommends Kazakhstan holding for state assets management Samruk JSC to undertake measurements for optimization of administrative costs and also improve the effectiveness of assets management in Kazakhtelecom JSC", - is stressed in the message of committee. Returning committee is the highest authority of state financial control, directly subordinated and repotting to president of RK. It executes the external control and estimation of executing of republican budget, using of grants, assets of state, loans secures by state, money from selling by state enterprisers of goods (works, services), remaining in their disposal. [2007-12-14]