29 Jul 2010 15:36

Synterra RAS net profit plunges 99.1% to 3 mln rubles in H1

MOSCOW. July 29 (Interfax) - Net profits at CJSC Synterra, the parent company of a holding of the same name, saw H1 net profits to Russian Accounting Standards (RAS) plummet 99.1% to 3 million rubles from 353 million rubles in H1 last year, the company said in a statement.

That figure includes negative exchange-rate differences mainly associated with the dollar strengthening in the second quarter. Not counting the revaluation of forex-loan debts, Synterra would have posted net profits of more than 227 million rubles.

First-half sales revenues contracted 9.4% to 3.487 billion rubles from 3.85 billion in H1 2009. OIBDA was down 24.5% at 1.297 billion rubles, and the OIBDA margin dropped to 37% from 45%.

Of sales revenues, data-transmission services, providing virtual private networks and Internet access accounted for 46%, which was 5% more than in the same period last years. Renting out communications channels accounted for more than 41% of the revenues.

The company's main H1 income sources were operations on the inter-operator market (64%), services provided to state structures (23%) and to corporate clients (13%).

Synterra Group includes CJSC Synterra, CJSC Peterstar, the satellite operator Global Teleport, and a number of regional operators. Promsvyazcapital sold 100% of the company to OJSC Megafon in June.