The Russian telco Svyazinvest has posted revenues of R58.634 billion (€1.685 billion) for Q1 2007, or 14.5% more than in the corresponding period last year. At the same time, its net profit was up by 35.5% to R8.948 billion. The figures did not take into account the Moscow City Telephone Network (MGTS) or Kostroma GTS, in which it holds respective stakes of 28% and 37%. Svyazinvest is majority (75% minus one share) owned by the state. Comstar-UTS, a subsidiary of Sistema, acquired the remaining 25% plus one share for €985 million in December 2006.