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)