EESTI TELEKOM

INCOME STATEMENT



CONSOLIDATED INCOME STATEMENT H1 2000



ESTONIAN TELECOM AND SUBSIDIARY COMPANIES

INCOME STATEMENT



In thousands of Estonian kroons



                            6 mths to 6 mths to         1999

                           30 June 00 30 June 99

                                                              

Revenue                                           

Net sales                   1,921,074 1,686,501    3,568,523

Change in work-in-progress        -38      -678         -994

Other revenue                  25,838    13,269       27,714

Total revenue               1,946,873 1,699,092    3,595,243

                                                            

Operating expenses                                          

Materials, consumables,       447,153   378,564      837,516

supplies and services

Other operating expenses      200,870   184,547      385,029

Personnel expenses            228,129   216,363      466,208

Other expenses                 38,242    40,441       70,156

Total expenses                914,394   819,915    1,758,909

                                                            

Profit from operations      1,032,479   879,177    1,836,334

before depreciation

                                                            

Depreciation, amortisation    477,459   431,483      881,059

and value adjustments of

current assets

                                                            

Profit from operations        555,020   447,694      955,275

                                                            

Income from subsidiaries         -174       437          648

and associated companies

Other net financing items     -10,348   -30,998      -51,040

                                                            

Profit before tax             544,497   417,133      904,883

                                                            

Income tax expenses (-) /           0   -69,918     -156,266

income (+)

                                                            

Profit after tax              544,497   347,215      748,617

                                                            

Minority interest               3,194    81,825       83,158

                                                            

Net profit from ordinary      541,303   265,390      665,459

activities

                                                            

Extraordinary item                  0         0       85,197

                                                            

Net profit for the period     541,303   265,390      580,262

                                                              

Earnings per share                                            

Basic earnings per share         3.94      2.52         4.78

(in kroons)

Diluted earnings per share       3.94      2.52         4.78

(in kroons)





Raul Kalev

PR-manager

+372 6460 220