Ernst & Young leads in gross profit growth among Big Four auditors in Russia in 2011
MOSCOW. July 30. (Interfax) - LLC Ernst & Young, the Russian subsidiary of Ernst & Young, boosted its gross profit by 24.4% to 1.27 billion rubles last year, while the other Big Four auditors in Russia saw the growth rates of their gross profits on the decline.
CJSC KPMG had the slowest gross profit growth last year. Whereas its gross profit climbed 22.2% in 2010, it only rose 7.5% in 2011 to 3.33 billion rubles, according to Interfax's SPARK database.
CJSC PwC Audit, subsidiary of Pricewaterhouse Coopers, saw its gross profit fall 18.8% to 1.67 billion rubles in 2011, while CJSC Deloitte & Touche CIS experienced an almost 50% drop to 610.6 million rubles.
KPMG is still the leader in both absolute and relative terms of revenue growth. Last year, its revenue soared 20.6% to 7.38 billion rubles.
Ernst & Young's revenue grew 17.3% to 4.6 billion rubles in 2011. Meanwhile, Deloitte & Touche CIS' revenue was down for the third year in a row - by 2.5% to 3.2 billion rubles.
In contrast, PwC Audit's revenue edged up 1.7% to 4.7 billion rubles.
According to the SPARK database, Deloitte & Touche CIS finished out last year with a net loss of 49.1 million rubles. PwC Audit's net profit plummeted by almost 96% to 5.7 million rubles, while KPMG saw its net profit skyrocket 32-fold to 91.9 million rubles. Ernst & Young's net profit grew from 14.1 million rubles in 2010 to 16.1 million rubles in 2011.
PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG are the world's largest auditing and consulting companies. PwC is the industry leader, with consolidated revenue ringing up to $29.2 billion last year. Deloitte Touche Tohmatsu had $28.8 billion in revenue, Ernst & Young had $22.9 billion, and KPMG had $22.7 billion.