MOSCOW, July 13 (RIA Novosti) - AFK Sistema (RTS: AFKS, LSE: SSA) said Thursday its U.S. GAAP consolidated net profit rose 17% year-on-year in the first quarter of 2006 to $129.5 million.
AFK Sistema, one of Russia's largest diversified corporations with business ranging from banking to telecommunications, said its consolidated earnings grew 30% in the reporting period to $2.01 billion, and operating income before depreciation and amortization (OIBDA) climbed 21% to $774.8 million as of the end of March 2006.
Founded in 1993, AFK Sistema manages businesses in service-based industries, including telecommunications, technology, insurance, banking, real estate, retail and media. The company's main shareholder is Vladimir Yevtushenkov (62.1%), who is also its founder and chairman of the board of directors.
The company said its operating profit had grown 11% in the reporting period to $470 million.
