AFK Sistema's US GAAP net profit up four times to $381 mln in Q1, beats forecasts
MOSCOW. May 31 (Interfax) - AFK Sistema's US GAAP net profit for the first quarter of 2012 increased four times to $381 million from $97 million in the same period of 2011, the company said in a statement.
Investment bank analysts earlier forecast the company's net profit for the first quarter at $360 million.
Sistema's revenue grew 9.3% to $7.9 billion, OIBDA grew 17.2% to $2 billion and the OIBDA margin increased to 25.5% from 23.8% a year earlier.
The consensus forecast was $7.9 billion for revenue, $1.9 billion for OIBDA and 25% for the OIBDA margin was 25%.
Sistima's operating profit grew 28.6% to $1.2 billion, and the operating margin was 15%. Sistema's net cash position was $334.8 million, compared to a net debt of $1.18 billion in the first quarter of 2011.
Commercial, administrative and management expenses dropped 8.2% to $903.7 million as the company implemented a program to optimize spending in its Core Assets portfolio and at corporate headquarters. Depreciation and amortization charges rose slightly to $830.8 million.
The Sistema group's consolidated net debt stood at $15.17 billion at the end of the first quarter, up from $13.5 billion a year earlier. This included $12.47 billion of debt at Core Assets (MTS, Bashneft and Bashkirenergo , up 7.2%.
Revenue in the Developing Assets portfolio (includes India's Sistema Shyam TeleServices Ltd., Sistema Mass Media, RTI , Binnopharm, MTS Bank, Detsky Mir , Intourist and Medsi) grew 19% to $1 billion. The OIBDA loss decreased to $50.8 million from $120.2 million a year earlier, and the net loss fell to $95.6 million from $163.6 million. The debt of Developing Assets grew 16.6% to $3 billion.