Rostelecom Q4 IFRS net profits up 7-fold at 16.7 bln rubles
MOSCOW. April 27 (Interfax) - Net profits at telecom OJSC Rostelecom for the fourth quarter of last year amounted to 16.7 billion rubles, a 6.8-fold year-on-year increase, the company reported.
Sales revenues were up 8% at 78.6 billion rubles. OIBDA (operating income before depreciation and amortization) increased 31% to 32.2 billion rubles and the margin was 41% versus 33.8% a year earlier.
The company's reported results beat the predictions of analysts, who were expecting net profits of 10.1 billion rubles, sales revenues of 76.7 billion rubles, and OIBDA of 29.6 billion rubles.
Revenue from residential users grew 1% to 40.38 billion rubles, revenue from corporate users rose 24% to 17.9 billion rubles, revenue from governmental customers rose 27% to 11.5 billion rubles, while revenue from services to other operators fell 2% to 8.8 billion rubles.
Local telephony revenues grew 1% to 21.9 billion rubles, broadband Internet - 16% to 12.3 billion rubles and mobile communications - 3% to 8.9 billion rubles.
Long-distance and international services revenue fell 9% to 6.3 billion rubles and interconnection and traffic transit services grew 4% to 5.3 billion rubles.
Data services revenue grew 5% to 5.3 billion rubles, intra-zone telephony - 5% to 5.2 billion rubles and pay TV - 6.6-fold to 1.98 billion rubles.
Local telephony subscribers fell 3% in number to 28.5 million, cellular communications subscribers grew 4% to 12.5 million and broadband subscribers - 24% to 8.2 million, including residential subscribers - 25% to 7.6 million. Pay TV subscribers grew 6.5-fold to 5.9 million, due mainly to the acquisition of the NTK holding.
Operating profit tripled in Q4 to 19.6 billion rubles.
Operating costs fell 3% to 46.4 billion rubles. Interconnection charges rose 19% to 10.8 billion rubles.
IN FY2011, Rostelecom's sales revenue grew 7% to 296 billion rubles, OIBDA - 11% to 117.7 billion rubles and the OIBDA margin rose to 39.8% from 38.5%.
Net profit grew 47% to 46.1 billion rubles or, adjusted for the reversal of a provision, 23% to 42.7 billion rubles.
Capex was 82.8 billion rubles or 28% of revenue last year and grew 60% compared with 2011. Q4 capex rose 2.5-fold to 41.8 billion rubles. Capex was 20% above the forecast average for 2011-2015.
Capex grew due to the modernization of broadband infrastructure, 3G networks development and construction of data transfer lines.
Net debt was 152.4 billion rubles as of the end of December. Net debt/OIBDA was 1.3.
Alexander Provotorov, the company's chief, told reporters that sales revenue growth could be similar to 2011 in 2012.
He said an EBITDA margin of around 40% was expected.