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AFK Sistema reports 96% net profit plunge to $62 mln in 2008

MOSCOW, April 29 (RIA Novosti) - Russia's leading services corporation AFK Sistema said on Wednesday its US GAAP net profit plunged 96%, year-on-year, in 2008 to $62 million.

The company's consolidated revenues increased 24.3% to $16.67 billion, with OIBDA (operating income before depreciation and amortization) going up 11% to $5.5 billion in the reporting period.

AFK Sistema also said it had posted a loss of $713.9 million in the fourth quarter against a profit of $466.8 million in the same period of the previous year.

AFK Sistema incorporates telecom, high technology, insurance, real estate, retail trade, media, banking and venture companies. In addition, the company is developing business in tourism, radio technology, pharmaceuticals and bio technology. The company's shares are floated on the London Stock Exchange and Russia's MICEX and RTS bourses.

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