Rostelecom ups Q1 IFRS revenue 1%, net profit 8%
MOSCOW. May 27 (Interfax) - Rostelecom edged sales revenue to International Financial Reporting Standards (IFRS) up 1% year-on-year in Q1 2014 to 80.4 billion rubles, the state-owned telco said in a statement.
Operating income before depreciation and amortization (OIBDA) fell 9.86% to 26.5 billion rubles and the OIBDA margin was 33%, down from 37% a year previously.
Net profit grew 8% year-on-year to 6.9 billion rubles.
Capex fell 60% to 9.959 billion rubles.
Rostelecom's operating costs increased by 8% to 53.9 billion rubles, with staff costs up 4% to 23.989 billion rubles. Interconnection charges grew 23% to 12.691 billion rubles, materials, repairs and maintenance and utilities costs grew 11% to 6.922 billion rubles and other operating costs fell, by 3% to 12.876 billion rubles.
Net operating cash flow was 22.7 billion rubles at end Q1 2014, down slightly from 21.649 billion rubles a year previously. Free cash flow was positive 12.7 billion rubles, compared with negative 3.5 billion rubles a year ago.
Net debt fell to 184 billion rubles at end Q1 2014, from 203.2 billion rubles a year previously. Net debt/OIBDA was 1.7, compared with 1.8 a year before.