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Russian conglomerate Sistema Q2 net profit down 3.7 pct
August 28, 2014 / 7:15 AM / in 3 years

Russian conglomerate Sistema Q2 net profit down 3.7 pct

MOSCOW, Aug 28 (Reuters) - Russian oil-to-telecoms conglomerate Sistema said on Thursday its second-quarter net profit fell 3.7 percent, year-on-year, due to a one-off gain a year ago.

Sistema, whose biggest assets are majority stakes in Russia’s top mobile operator MTS and mid-sized oil firm Bashneft, reported a net profit of $509.6 million, down from $529.1 million a year ago but up 47.7 percent compared to the year-ago net profit adjusted for the one-off gain.

Revenue rose 4.2 percent to $8.8 billion, while adjusted operating income before depreciation and amortisation (OIBDA) declined 1.2 percent to $2.1 billion, Sistema said in a statement. (Reporting by Maria Kiselyova; Editing by Vladimir Soldatkin)

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