Russia's Mail.Ru forecasts slowing revenue growth for 2014

MOSCOW Thu Feb 20, 2014 1:49am EST

MOSCOW Feb 20 (Reuters) - Russian Internet group Mail.Ru said on Thursday revenue growth for the coming year would slow from the previous year, but core profitability would be maintained.

It forecasted revenue growth of 22-24 percent, driven by growth in advertising and games, but below the 29.6 percent revenue growth it reported for last year to 27.4 billion roubles ($767.4 million).

However, Mail.Ru, part-owned by Russia's richest man Alisher Usmanov, said it would maintain core profitability with EBITDA margins of between 53-54 percent in 2014, just slightly below the 55.1 percent recorded last year.

Net profit for 2013 rose 36.1 percent to 11.4 billion roubles, the company said.