Russian conglomerate Sistema JSFC today reported a net profit of $200.9 million for the fourth quarter of 2012. The company had reported a net loss of $530.2 million in the corresponding quarter in 2011.
The company’s revenue rose by 13 per cent to $9,450.2 million for fourth quarter ending December 2012 as compared to $8,360.2 million in the same period previous year.
On yearly basis, Sistema reported a 334.3 per cent jump in its net profit at $946.8 million in 2012 as against $218.0 million in 2011. Revenues rose by 3.9 per cent to $34,240.7 million as compared to $32,940.9 million last year, the statement added.
“In 2012, our businesses continued to expand as existing investments implemented their growth strategies, driving the Group’s topline and adjusted OIBDA (operating income before depreciation and amortisation) growth,” Sistema President and Chief Executive Officer Mikhail Shamolin said.
He said 2012 was marked by several accomplishments and substantial progress was made on its new investment ideas.
“In the transportation segment, we established a leading presence in the sector only months after acting on our initial interest, whilst in our agriculture business, our partnership has delivered a promising set of maiden results,” he added.
Referring to the company’s Indian operations, Shamolin said the period was dominated by prolonged uncertainty in the country.
“However, despite these difficulties, our perseverance paid off in the first quarter this year when we managed to secure superior licences for Sistema Shyam TeleServices Ltd (SSTL) at no immediate cost, thereby strengthening its investment case,” Shamolin added.
Sistema Shyam TeleServices Ltd is a venture, involving equity participation by Sistema of Russia, the Russian Federation and the Shyam Group of India. Sistema is the majority shareholder in the company which operates its telecom services under the MTS brand.