7 Jun 2011 13:10

CORRECTED: Sitronics halves Q1 losses to $12.7 mln

(headline adjusted)

MOSCOW. June 7 (Interfax) -Sitronics halved net losses to US GAAP to $12.7 million in Q1 2011, from $25 million in the same period of last year, the Russian tech firm said in a statement.

Sales revenue grew 46% year-on-year in Q1 to $277.6 million.

Operating income before depreciation and amortization (OIBDA) fell to $5.8 million in Q1 2011, from $7.4 million a year previously, and the OIBDA margin fell to 2.1% from 3.9%.