MOSCOW, March 31 (RIA Novosti) - Tsentrtelecom, an inter-regional telecom provider, said Friday its net profit for Q4 2005 had fallen by 25.8% to 120.45 million rubles (about $4 million).
The company's net profit in Q3 2005 was 160.77 million rubles ($5.6 million).
Tsentrtelecom said the drop in net profit was related to the creation of a corporate bonus fund of 130.8 million rubles ($4.6 million) and a 61.5 million ruble ($2.2 million) contingency reserve on dubious receivables.
Tsentrtelecom is part of the Svyazinvest holding and is the largest telecom operator in the Central Federal District.
Svyazinvest holds 50.688% of voting shares in the company, 9.5916% belongs to the Federal Agency for the Management of Federal Property, and 2.07% to Lindsell Enterprises Limited and Reardon Enterprises Ltd.
