MOSCOW, June 3 (RIA Novosti) - Russia's largest consumer services corporation Sistema said on Wednesday it made a US GAAP net loss of $395.5 million in the first quarter compared with a net profit of $398.8 million a year earlier.
Sistema attributed its Q1 net loss to foreign exchange losses of $437.5 million resulting from the ruble's weakening against the U.S. dollar.
The company's consolidated revenues declined 24.1% to $2.8 billion, OIBDA (operating income before depreciation and amortization) dropped 37.9% to $869.4 million, with the OIBDA margin decreasing to 31.4%.
Sistema incorporates telecommunications, 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.
