Akado boosts IFRS revenue 4% in Q1
MOSCOW. May 10 (Interfax) - The Akado telecommunications group saw revenue in the first quarter of 2011 increase 4% year-on-year to 2.497 billion rubles, the company said in a press release, citing preliminary data.
EBITDA increased 12% to 762.186 million rubles. The EBITDA margin was 30.5%, up from 28.4% in the same quarter last year.
"Based on the preliminary results for the first quarter of 2011, we expect the positive trend to continue throughout the year," Akado board chairman Vladimir Kremer is quoted in the press release as saying.
Akado boosted revenue 19% to 10.561 billion rubles in 2010, according to audited results. EBITDA was up 64% to 3.66 billion rubles and the EBITDA margin was 34.7%, up from 25.2%.
Akado, formerly Renova Media, provides cable television, broadband Internet and telephone service to corporate and residential customers using a fiber-optic cable network. Akado includes Akado-Stolitsa and Komkor as well as assets in St. Petersburg, Yekaterinburg and Minsk.
Akado International Ltd is owned 100% by Bahama-registered Renova Media Enterprises Ltd, which in turn is owned by Viktor Vekselberg's Renova Industries Ltd and Yury Pripachkin's CMCR Management Ltd.