OREANDA-NEWS. Annual (Regular) General Meeting of Shareholders of Ukrtelecom JSC took place in Kyiv. During the Meeting the shareholders considered all itemson the agenda. In particular, the participants of the Meeting approved the report of the Supervisory Board, Chairman and Director of the Company. The shareholders approved the annual report of the Operator for 2013, including thefinancial statement of the Company for 2013, and decided to direct the whole profit made on the results of the performance of Ukrtelecom JSC in 2013 to cover accumulated losses from previous years.

In addition, shareholders approved the amendments to the provision concerning the Supervisory Board of Ukrtelecom JSC by laying it out in a new edition.

Financial results-2013*: Ukrtelecom increased revenue from broadband services to 59 mln UAH.

The net income of Ukrtelecom JSC in 2013 was 6,447 mln UAH in comparison to 6,948 mln UAH in 2012. Revenues from telecommunication services are 6,166 mln UAH, which is 5.6% or 366 million less than in 2012 (in comparative terms, excluding non-recurring income from the Election 2012 project).

The main reason for the reduction of revenue is stagnation of telecommunications market, as well as an ongoing tendency of long distance and international telephone traffic reduction due to its displacement by alternative means of online communication such as Skype, social networks, etc.

However, the Company believes that providing customers with fixed telephony services is important social component to the formation of the telecommunications infrastructure of the state. In this regard, the Company continues to develop its networks and connect new subscribers.

The market of broadband Internet access and data communication remained the main focus of the Company in 2013. Revenues in this field amounted to 1,326 mln UAH, which is 59 mln UAH more than for the same period in 2012. The number of broadband subscribers during 2013 increased by 105 thousand - to 1,647,000 subscribers at the end of the year.

By results of 2013, taking into account the optimization of a number of expenditure items, the Company has netted 139 mln UAH.