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Rostelecom

May 7, 2010

Rostelecom reports first quarter 2010 RAS net profit of RUB 1.03 billion

- Revenue for the first quarter of 2010 amounted to RUB 14,108.4 million

- OIBDA*  amounted to RUB 2,963.6 million 

- OIBDA margin amounted to 21.0%

Moscow – May 7, 2010 – Rostelecom (RTS, MICEX: RTKM, RTKMP; OTCQX: ROSYY) (“Rostelecom” or the “Company”) today announces its unaudited results for the first quarter 2010, in accordance with the Russian Accounting Standards (RAS).

Rostelecom’s first quarter 2010 revenue amounted to RUB 14,108.4 million, representing a decrease of 8.2% year on year, which was mainly due to a fall in revenues from a number of traditional segments.

However, through the continued diversification of its business, the Company increased revenues from new state-of-the art services, and thus their proportional contribution to the total revenue, compared to the same quarter last year. During the period under review, data and intelligent network services amounted to 12.6% of Rostelecom’s total revenue. Revenues from data transmission and telematic services, (mainly Internet and VPN services) as a standalone entity increased by 15.3% year on year, amounting to RUB 1,494.9 million.

Rostelecom’s operating expenses for the reporting period amounted to RUB 12,424.9 million, a year on year decrease of 5.1%, which was largely due to a reduction in direct costs.

Operating Income before Depreciation and Amortization (OIBDA) amounted to RUB 2,963.6 million, a year on year decrease of 12.3%.

The Company’s OIBDA margin was 21.0% compared to 22.0% in the first quarter of 2009.

Depreciation for the first quarter 2010 increased 17.0% year on year to RUB 1,280.2 million, due to the rapid growth of investment into the development of the Company’s own IP/MPLS network.

In the first quarter of 2010, operating profits decreased by 26.3% year on year to RUB 1,683.4 million.

Other gains and losses for the first quarter 2010 amounted to a net loss of RUB 438.7 million compared to a net gain of RUB 197.6 million one year ago. This loss is largely attributable to a significant foreign exchange loss over the accounting period.

Rostelecom’s first quarter 2010 net profit amounted to RUB 1,028.9 million, a decrease of 48.0% year on year.

* OIBDA is calculated as total revenues less operating expenses excluding depreciation.

 

 

 

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