17 Sep 2009 12:12

Sistema cuts Q2 earnings 11.2% to $246 mln, as forecast

MOSCOW. Sept 17 (Interfax) - The Sistema holding saw its net profit to US GAAP fall 11.2% year-on-year in the second quarter to $246.2 million, the company said in a statement.

Net profit was $277.3 million in Q2 2008.

Sales revenue grew 3.1% to $4.24 billion, OIBDA fell 20.3% to $1.196 billion (from $1.5 billion a year ago) and the OIBDA margin fell to 28.2% (from 36.5%).

The results were in line with forecasts by analysts, who predicted net profit of $240 million, revenue - $4.2 billion and a profit margin of 28.3%.