Mail.ru boosts revenue 22% to 15.1 bln rubles in H1, slightly below forecast
MOSCOW. Aug 22 (Interfax) - Mail.ru Group Ltd had revenue totaling 15.1 billion rubles in the first half of 2014, 21.7% more than in the same period last year, the company said in a press release.
The result was slightly lower than the consensus forecast from analysts, 15.38 billion rubles.
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 20% to 8.047 billion rubles (compared with the consensus forecast of 8.21 billion rubles). Net profit was up 26.2% to 6.2 billion rubles (6.48 billion rubles).
"Through H1, and in particular through Q2, the underlying economic and geo-political environment has continued to become materially more challenging," Chairman and CEO Dmitry Grishin is quoted in the press release as saying.
"This has had a negative effect on our advertising revenues, and in particular the display advertising revenues which declined by around 10% in Q2," he said.
Revenue from online advertising [Mail.ru stopped publishing separate figures for media and contextual advertising in Q1] rose 16.9% to 4.716 billion rubles in H1. Revenue from MMO gaming increased 34.7% to 4.074 billion rubles and Community IVAS rose 20% to 4.861 billion rubles.
The net cash balance as of June 30 was 26.331 billion rubles.
Mail.ru lowered its revenue growth forecast for 2014 to 14%-18% from 22%-24% previously.
