June 9, 2014 / 6:17 AM / 3 years ago

Russian consumer credit company TCS says Q1 net profit down 64 pct y/y

MOSCOW, June 9 (Reuters) - Russian consumer credit company TCS said on Monday first-quarter net profit fell 64 percent, year-on-year, driven by a slowdown in the Russian economy.

TCS, owner of Tinkoff Credit Systems, which went public in London in October, said first-quarter net profit fell to 362.3 million roubles ($10.54 million) from 1 billion roubles a year earlier, missing analysts' forecasts.

TCS, founded and majority owned by Russian entrepreneur Oleg Tinkov, focuses on Russia's regions, where it delivers credit cards by courier.

A Reuters survey of seven analysts had forecast that first-quarter net profit at TCS would be 969.7 million roubles ($27.6 million). ($1 = 34.3875 Russian Roubles) (Reporting by Alexander Winning, editing by Elizabeth Piper)

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