* One-off items of $579.6 mln include impairments,
* Net down 74 pct, up 72.5 pct when adjusted for one-offs
* Revenues up 5 percent
MOSCOW, April 3 Russian conglomerate Sistema
posted a 74 percent fall in fourth-quarter
net profit on Thursday hit by goodwill and asset impairment
charges and foreign exchange losses.
Sistema, which holds majority stakes in top Russian mobile
operator MTS and oil firm Bashneft, reported a
net profit of $47.7 million versus $180.1 million a year
One-off items totalled $579.6 million, including a $258
million charge related to impairment of goodwill, the company
It had a foreign exchange loss of $10.5 million in the
fourth quarter and $268 million for the year.
Adjusted for one-off items, fourth-quarter net profit rose
72.5 percent to $627.3 million on revenue up 4.6 percent at $9.9
Sistema also has assets in retail, healthcare, tourism,
banking and IT. Its consolidated revenues grew 5.9 percent in
2013 to $35.9 billion.
It said it was in talks on monetising two of its developing
investments and was close to making several medium-sized M&A
deals, without elaborating.
(Reporting by Maria Kiselyova; Editing by Megan Davies and