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Net Profits of AFK Sistema Up to $903.3m
AFK Sistema stepped up 2006 net profits 69 percent on year to $903.3 million, according to the U.S. GAAP report of the company. Consolidated revenues grew 43.1 percent to $10.9 billion.
AFK Sistema’s OIBDA soared 36 percent to $4 billion, the profits generated from core business increased 41.3 percent to $2.7 billion.
Emphasizing the 2006 success, AFK Sistema President Alexander Goncharuk drew attention to some sizeable deals, including the strategic acquisition of 25 percent plus a stock in Svyazinvest, that added to operating results of 2006.
Emerged in 1993, AFK Sistema owns and manages telecom companies, including Mobile TeleSystems (MTS), Moscow City Telephone Net (MGTS), Comstar-United TeleSystems, Golden Line and others. Its business extends to electronics, (Micron and other enterprises), insurance (ROSNO), finance (Moscow Bank for Reconstruction and Development (MBRR), real estate and construction (Sistema-Gals), tourism (Intourist) and retail (Detsky Mir).
Calculated under Russia’s accounting standards, AFK Sistema’s net profits slid 56.87 percent on quarter to 43.06 billion rubles in the first quarter of this year.
www.kommersant.com
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