Russian conglomerate Sistema JSFC today reported a net profit of USD 200.9 million for the fourth quarter of 2012.
The company had reported a net loss of USD 530.2 million in the corresponding quarter in 2011, the company said in a statement.
The revenue of the company rose by 13 per cent to USD 9,450.2 million for fourth quarter ending December as compared to USD 8,360.2 million in the same period previous year.
On yearly basis, Sistema reported a 334.3 per cent jump in its net profit at USD 946.8 million in 2012 as against USD 218.0 million in 2011. Revenues rose by 3.9 per cent to USD 34,240.7 million as compared to USD 32,940.9 million last year, the statement added.
"In 2012, our businesses continued to expand as existing investments implemented their growth strategies, driving the Group's solid topline and adjusted OIBDA (operating income before depreciation and amortisation) growth," Sistema President and Chief Executive Officer Mikhail Shamolin said.
He said 2012 was marked by several accomplishments and substantial progress was made on its new investment ideas.
"In the transportation segment, we established a leading presence in the sector only months after acting on our initial interest, whilst in our agriculture business, our partnership has delivered a promising set of maiden results," he added.
Referring to the company's Indian operations, Shamolin said the period was dominated by prolonged uncertainty in the country.
"However, despite these difficulties, our perseverance paid off in the first quarter this year when we managed to secure superior licences for SSTL at no immediate cost, thereby strengthening its investment case," Shamolin added.
Sistema Shyam TeleServices Ltd (SSTL) is a venture, involving equity participation by Sistema of Russia, the Russian Federation and the Shyam Group of India. Sistema is the majority shareholder in the company which operates its telecom services under the MTS brand.
Incorporated in 1993, Sistema is now one of Russia's top-10 companies by revenues and is one of the largest publicly-traded diversified holding company in the world. The Group owns a diverse set of public and private companies, which it holds in 8 distinct portfolios depending on origination and experience of its portfolio managers.
