10 Sep 2010 13:51

Sitronics Q2 US GAAP net losses climb to $30.4 mln from $26.6 mln

MOSCOW. Sept 10 (Interfax) - OJSC Sitronics turned US GAAP net losses of $30.4 million in the second quarter, up from $26.6 million in losses in Q2 2009, the company, which manufactures telecommunications equipment, microelectronics, software, and consumer electronics, has reported.

Sitronics' sales revenues were up 8.4% at $268.1 million, OIBDA increased 23.8% to $26 million, and the OIBDA margin rose to 9.7% from 8.5%.

Revenue from the company's telecommunications solutions division decreased 6% to $132.7 million. OIBDA was at $18 million (up from $4.8 million), and the OIBDA margin reached 13.5% (from 3.4%). This division's losses dropped to $4.9 in Q2 2010 from $6.3 million in Q2 2009.

The information technology division increased sales revenues 36% to $62.8 million, while OIBDA dropped to $4.6 million from $11.4 million and the margin to 7.3% from 24.6%. This division ended the quarter with net profits of $800,000 versus losses of $19 million in the same quarter last year.

Sitronics' microelectronics division increased its sales revenues 8% to $61.3 million in Q2. OIBDA decreased 31.2% to $8.6 million and the margin to 14% from 21.9%. Losses for the quarter were $9.5 million (from $100,000).

Since June 2, Sitronics has secured contracts together worth $231.9 million.

In the first half as a whole, the company cut its capital expenditures to $38 million from $51.1 million in the first half of last year, and it also paid on, refinanced, and extended credits totaling $91.3 million. After placing 2 billion worth of bonds, Sitronics in June made payments on a Bank of Moscow loan, and paid back $20.5 million on a Deutsche Bank credit.

The company had $152.2 million on its accounts at the end of the second quarter, compared with $119.7 million at the end of Q1 and $174.9 million at the end of Q2 last year.

Sitronics had borrowed $745.4 million at the end of the reporting period (not counting $30.6 million in debts to Sitronics-Nano). That figure was $756.5 million for Q2 last year and $756.5 million for Q1 this year (not counting $18.8 million in debts to Sitronics-Nano).

The company's net debts decreased to $623.8 million from $655.6 million at the end of the preceding quarter and $635 million for Q2 last year.

Sitronics, formerly Science Center Concern, was formed in December 2002. The group includes Sitronics Telecom Solutions Czech Republics (former STROM Telecom), Sitronics IT B.V. (former Quasar-Micro), OJSC Mikron and Kvant Production Association, and has a 51% interest in Greece's Intracom Telecom. The main shareholder in the company is AFK Sistema.