Net income of Kazakhtelecom in 2000 - KZT3.6 bln

/IRBIS, March 5, 01/ - According to REUTERS, Kazakhtelecom, Kazakhstan national company, received KZT3.6 bln in net income by results of 2000 compared to loss of KZT1 bln in 1999. The data have not been audited. High level of revenues was explained by shifting income activity on branches. Besides, modernization and switch to digital codes allowed Kazakhtelecom increase its efficiency. In 1998 the company's losses estimated at KZT2.5 bln. Kazakhtelecom plans to increase next year investments up to KZT14.0 bln. Investments related to modernization and communication networks would be worth of KZT9.9 bln, investments to fixed assets would total KTZ3.4 bln. Last year investments amounted to KZT11.05 bln. The press release of the company states that income form telecommunication services increased by 29.3% up to KZT38.58 bln. As of Jan.01, 01 accounts receivable amounted KZT8.1 bln and fell by KZT1.14 bln or 12.4% compared to previous year. The company still implements its major large-scale project, creation of National data transfer highway. The highway would link all regional centers, Europe, China, Japan and South East Asia. In August this year Kazakhtelecom plans to complete construction of Western optic-fiber line of the highway with length of 1,532 km. The government holds 50% of the company's shares. Previously, the government planned to sell 15% of its stake to EBRD and other 15% to private investors in Kazakhstan. However, negotiations were stopped as Kazakhstan part had considered the offered price underestimated. Nowadays, the government plans to borrow $25 mln from EBRD in convertible loan.