Sistema Q3 Net Profit Soars 100% to $653 Mln

MOSCOW, November 21 (RIA Novosti) – Sistema, one of Russia’s largest diversified holding companies, saw third quarter US GAAP net profit jump 100 percent year-on-year to $653.2 million, the company said on Wednesday.

The company’s revenues for the quarter grew by 1 percent to $8.813 billion and OIBDA net of adjustments increased 10.4 percent to $2.43 billion, beating analysts’ expectations.

Sistema’s adjusted third quarter net profit rose by 66.8 percent to $532 million and adjusted OIBDA grew by 0.7 percent to $2.217 billion, with adjusted OIBDA margin rising to 27.6 percent from 25.2 percent in the same quarter of 2011.

“In the third quarter all of our investments demonstrated significant growth resulting in excellent revenue and OIBDA growth for the group,” Sistema CEO Mikhail Shamolin said.

“In particular our oil, telecom and high-tech investments had an excellent period characterized by improved operational performance and the completion of certain MA transactions.”

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