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AFK Sistema Profit Doubles on Telecoms, Oil Income

Date : 11/21/2012 @ 2:27PM
Source : Dow Jones News
Stock : Mobile Telesystems Ojsc (MBT)
Quote : 17.1  1.35 (8.57%) @ 5:30AM
Mobile Telsys Ojsc share price Chart

AFK Sistema Profit Doubles on Telecoms, Oil Income

Mobile Telsys Ojsc (NYSE:MBT)
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By Olga Razumovskaya

MOSCOW--Russian conglomerate AFK Sistema (AFKS.RS) said Wednesday its net profit, not including one-offs, almost doubled in the third quarter to $653.2 million, boosted by net income increases at its telecommunications company Mobile TeleSystems (MBT) and oil producer Bashneft (BANE.RS).

Revenue at Sistema, which is controlled by billionaire businessman Vladimir Yevtushenkov, rose 1% to $8.8 billion.

Operating income before depreciation and amortization, or Oibda, rose 10.4% on the year, to $2.4 billion.

"As we look forward into 2013, Sistema is on track to deliver on its strategy, add exciting value accretive projects to its portfolio and reward shareholders through a progressive dividend story," Sistema Chief Executive Mikhail Shamolin said.

Write to Olga Razumovskaya at olga.razumovskaya@dowjones.com

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