Sistema net profit up 23% before one-off impairment charge, revenue down 6% in Q2
MOSCOW. Sept 13 (Interfax) - The Sistema holding's net profit to US GAAP rose 22.8% year-on-year in Q2 before a one-off loss to $407.8 million, the company said in a statement.
"The Group's consolidated results for the second quarter of 2012 were impacted by a 10.8% year-on-year ruble depreciation against the US dollar. A non-cash one-off loss of $1.079 billion was also recognized relating to impairments and provisions with regard to MTS' [Mobile TeleSystems (MTS) ] operations in Uzbekistan," the company said.
Adjusted for the one-off, net loss attributable to the group was $161.9 million.
Consolidated revenues fell 6.3% year-on-year to $8.1 billion.
Operating income before depreciation and amortization (OIBDA) without the one-off fell 7.4% to $2 billion, with an OIBDA margin of 25.1%.
Operating income without one-off was down 7.2% to $1.2 billion, with an operating margin of 15.2%.
Net debt at the Corporate Holding level fell to $5.3 million as of June 30, 2012 from $1.391 billion as of June 30, 2011.
