Mail.ru Group boost net profit 66% to $77.3 mln in 2010
MOSCOW. April 27 (Interfax) - Mail.ru Group boosted net profit 66% to $77.3 million in 2010 (excluding assets not controlled by the group), up from $46.5 million in 2009.
EBITDA rose to $119.4 million from $67.4 million and revenue was $324.7 million, up from $197.7 million, the company said in a statement.
Mail.ru's net cash position was $118.4 million as of year-end.
The figures reflect the performance of Mail.ru Group's main segments (Mail.ru, Odnoklassniki and HeadHunter), which management feels is more representative than the aggregated IFRS figures.
Mail.ru began including ICQ in its financials in July 2010.
The indicators for social network Vkontakte (in which Mail.ru owns 32.55%) and the Qiwi payment system (21.35%) are not included in the main segments since Mail.ru management does not make strategic decisions regarding their operations.
Mail.ru Group also has non-controlling stakes in Facebook (2.33%), Zynga Game Network Inc (1.41%) and Groupon Inc (4.63%).
Consolidated IFRS revenue totaled $275.3 million in 2010, up from $148.3 million in 2009. Net profit amounted to $156.3 million compared with $165.7 million in 2009 (or $152.8 million and $168.6 million respectively excluding minority stakes).
Revenue increased 69% to $110.6 million. Organic revenue growth (excluding ICQ) was 61%.
Revenue from display advertizing rose 89.8% in the first quarter of 2011 year-on-year to $25.4 million. Context advertizing revenue was up 120% to $12.6 million. Revenue from online games increased 39% to $32 million and from Internet value added services - up 68.9% to$28.4 million.
The leading shareholders in Mail.ru Group, which raised $1 billion on the LSE last October, are Alisher Usmanov (26.9% of shares including 45.4% of voting shares) and South African media holding Naspers (30.8% and 35% respectively). The free float is 18.4%.