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Russia Sibertelecom ’08 profit falls on forex loss

Posted on: June 16, 2009


Reuters – Wednesday, June 17

MOSCOW, June 16 – Russian regional telecom company Sibirtelecom <STKM.MM> said on Tuesday its 2008 net profit fell 42.5 percent to 1.5 billion roubles due to a 1.2 billion rouble foreign exchange loss.

The fixed-to-mobile operator covering the Siberia region said in a statement revenue rose 6.9 percent to 37.7 billion roubles and expenses grew 9.6 percent to 33.1 billion.

The company said sales growth was driven by an increase in its Internet and mobile user base. Sales of Internet services jumped 43.6 percent to 1.3 billion roubles, while revenue from mobile services rose 9.2 percent to 842 million roubles.

Sibirtelecom <ENCO.RTS>, controlled by national telecoms group Svyazinvest, is Russia’s No.6 cellular carrier with more than 5 million mobile subscribers. At the end of 2008, it had 415,000 broadband Internet users, twice as many as in 2007.

Earnings before interest, taxation, depreciation and amortisation fell 4.3 percent to 11.9 billion roubles and the EBITDA margin dropped to 31.5 percent from 35.2 percent.

As of the end of 2008, its total debt stood at 24 billion roubles, of which 53 percent were long-term obligations, implying a net debt-to-EBITDA ratio of 1.9.

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