AFK Sistema, one of Russia's largest diversified corporations, with business ranging from banking to telecommunications, said its net profit totaled 1.25 billion rubles (about $48.4 million) in the first quarter of 2006.
At the same time, the company's net profit registered in the first quarter of 2007 was 56.87% down compared with the fourth quarter of 2006, AFK Sistema said.
AFK Sistema, which manages businesses in service-based industries, including telecommunications, technology, insurance, banking, real estate, retail and media, attributed its profit dynamics to a revaluation of investment in shares quoted on the stock exchange.
The company's main shareholder is Vladimir Yevtushenkov (62.1%), who is also its founder and board chairman.
In February 2005, AFK Sistema held an initial public offering (IPO) on the London Stock Exchange to raise $1.56 billion for 19% of its charter capital.
