CONSENSUS: AFK Sistema doubled net profit in Q2
MOSCOW. Sept 14 (Interfax) - AFK Sistema, a Russian consumer industries conglomerate, doubled US GAAP net profit to $289 million in the second quarter of 2011 from $144 million in the same period of 2010, analysts forecast.
Sistema will show OIBDA up 15.7% year-on-year to $2.17 billion in the second quarter on revenue up 29% to $8.9 billion, according to the consensus forecast of analysts from ten investment companies and banks. However, the OIBDA margin will drop to 24.3% from 27%, they reckon.
Sistema's strong results were the result of substantial revenue growth at key assets MTS and Bashneft , Uralsib Financial Corporation said in a report. The company also benefited from a seasonal surge in activity in consumer sectors such as retail sales and tourism services.
However, the combined revenue of developing assets will shrink 6% to $1.4 billion due to weak results at electronics maker Sitronics , Uralsib expects. In addition, Sistema's Indian telecoms provider Sistema Shyam TeleServices remains in the red.
"We estimate that Sistema's developing assets suffered an OIBDA loss of $104 million in the reporting period. This segment has yet to prove that it is capable of achieving sales growth and make a contribution to consolidated profit," Uralsib said.
Analysts do not generally expect surprises from Sistema's reporting, since nearly all the corporation's subsidiaries have already disclosed their results for the second quarter.
Sistema will publish its report for the second quarter of 2011 on September 14.
Forecasts for Sistema's US GAAP financial results for the second quarter of 2011 compared to the second quarter of 2010 (mln USD):
| Revenue | OIBDA | OIBDA margin | Net profit | |
| Gazprombank | 8 947 | 2 183 | 24.4 | 304 |
| Renaissance Capital | 8 927 | 2 138 | 23.9 | 292 |
| Uralsib FC | 8 928 | 2 141 | 24 | 308 |
| TKB Capital | 8 926 | 2 131 | 23.9 | 309 |
| Troika Dialog | 8 945 | 2 153 | 24.1 | 230 |
| Otkritie FC | 8 887 | 2 205 | 24.8 | 321 |
| Morgan Stanley | 8 956 | 2 216 | 24.7 | 317 |
| Deutsche Bank | 8 900 | 2 200 | 25 | 330 |
| Credit Suisse | 8 900 | 2 136 | 24 | 250 |
| Unicredit | 8 839 | 2 148 | 24 | 231 |
| Consensus | 8 916 | 2 165 | 24.3 | 289 |
| Results for Q2 2010 | 6 918 | 1 871 | 27 | 144 |
| Change, % | 29 | 15.7 | - 2.7 percentage points | 101% |