Russia's largest hi-tech company, Sitronics, saw its third quarter net loss widen to $38.9 million under US GAAP compared with $9.4 million a year earlier, the firm said in a statement on Tuesday.
Sitronics, a leading provider of telecommunications, information technology and microelectronic solutions in Russia and the CIS, said its revenues grew to $316.4 million in July-September 2011 from $223.6 million in the same period last year.
"The group has delivered significant revenue growth of 42 percent year-on-year in the third quarter, which is usually a weak period of the year in the industry. This is due to the outstanding revenue performance of our Information Technologies and Telecommunication Solutions segments, and to the completion of a number of key projects in the quarter," Sitronics President Sergei Aslanyan was quoted in the statement as saying.
The company’s Operating Income before Depreciation and Amortization (OIBDA) rose to $24.3 million from $17.5 million. The OIBDA margin slipped to 7.7 percent in the third quarter of 2011 from 7.8 percent compared with the same period last year.
"We expect to outperform industry growth levels in 2011 and we maintain our guidance for full year revenue growth of between 15 percent and 20 percent," Aslanyan also said.
The company's net loss in the first nine months of this year grew 13.3 percent to $73.4 million, while revenues increased 35.8 percent in January-September 2011 to $926.7 million.
