But the improved financial performance is still remarkable if seen against the backdrop of reduced earnings in other industries and zero growth in the economy as a whole. We think the positive results show the first signs of regional operators benefiting from tariff restructuring and general traffic growth. This will translate into particular good gains for operators in strong regions, such as Moscow, St. Petersburg, Samara, Nizhny Novgorod, Yekaterinburg and Novosibirsk. The information contained herewith is based on information made available to the public and is for information purposes only. Information sources are deemed reliable by RMG Securities, however RMG Securities abstains from any liabilities determined from the information herewith.
Analysis is based on dated market information and is subject to change.