AFK Sistema, one of Russia's largest diversified corporations, with business ranging from banking to telecommunications, said earnings had increased 37%, to $4.6 billion. The non-telecoms business segment accounted for 28% of the total earnings in the first half of the year, against 21% in January-June 2005.
Operating income before depreciation and amortization (OIBDA) rose 16% year-on-year, to $1.65 billion, which the company said was caused by harmonious growth along all its business lines and by acquisitions.
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 the chairman of its board of directors.
