Alma Telecommunications Kazakhstan announces results of auditing of the company's 2018 financial statements
/KASE, September 13, 2019/ – Alma Telecommunications Kazakhstan (Almaty), whose 
shares are officially listed on Kazakhstan Stock Exchange (KASE), has provided 
KASE with the following press release:

quote

Due to the increased attention to results of the auditing of AlmaTel Kazakhstan 
2018 financial statements, the company's press service announces the actual 
results thereof.

We point out that for the first time in a long period the Company's Board of 
Directors took a decision to hire an auditor from the "Big Four".

The main objective and purpose of conducting such large-scale auditing was to 
detect factors which may negatively affect operations, in order to prevent them 
or remove immediately. This was done to increase transparency and comfort 
all interested parties.

In the run-up to the auditing the Company made a series of adjustments in 
financial statements of the past years.

We point out that the Company reached the following results in 2018 in 
comparison to the preceding year:

- Revenues rose by KZT1.5 bn, or by 11%, to KZT15.4 bn.

- General and administrative expenses reduced by KZT945 mln, or by 29%, 
  to KZT2.3 bn.

- EBITDA (earnings before interest, taxes, depreciation and amortization) of 
  the Company increased by KZT5.8 bn: from KZT-1.8 bn for 2017 to KZT+4.0 
  bn in 2018.

- Loans and borrowings decreased by KZT1.1 bn, or by 39%, to KZT1.7 bn

- The net income in 2018 made up KZT1.3 bn, compared with the loss of 
  KZT4 bn in 2017.

According to results of operations in 2018, the Company for the first time over 
the past 4 years plans to pay out dividends to shareholders.

unquote

The full press release is available on – 
http://kase.kz/files/emitters/ALTV/altv_reliz_120919_1.pdf

[2019-09-13]