Sitronics first-quarter net loss down 49 pct to $12.7 mln

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Russia's largest high-tech company Sitronics cut its 2011 first quarter net loss by 49 percent year on year to $12.70 million to US GAAP, the company said on Tuesday.

Russia's largest high-tech company Sitronics cut its 2011 first quarter net loss by 49 percent year on year to $12.70 million to US GAAP, the company said on Tuesday.

Sitronics, a leading provider of telecommunications, information technology and microelectronics in Russia and the CIS, said its earnings grew 46 percent in the quarter to $277.6 million.

"Our high level of sales growth in the first quarter was driven by the performance of our Information Technologies and Microelectronics business segments, which completed a number of key projects and secured a number of new contracts," Sitronics President Sergei Aslanian was quoted as saying in the statement.

OIBDA fell 21.6 percent to $5.8 million, while OIBDA margin decreased by 3.7 percentage points to 2.4 percent, the firm said.

The company's assets increased by 8.5 percent to $2.013 billion.

 

MOSCOW, June 7 (RIA Novosti)

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