Net profit AFK “System” in the first quarter rose to 2.5 billion rubles.

Net profit AFK “System” according to international financial reporting standards (IFRS) in the first quarter of 2016, increased to 2.5 billion rubles, while last year the company during the same period was a loss. This is evidenced by information on the website of the Corporation.

The company’s consolidated revenues increased by 3.3% year-on-year and amounted to 173.3 billion. At the same time, adjusted OIBDA has not changed and, like last year amounted to 44.3 billion rubles., adjusted OIBDA margin reached 25.5 percent. As at 31 March, net debt at the Corporate center amounted to 76.8 billion roubles. Cash position at the Corporate centre, reached RUB 33.8 billion without accounting for 12.9 billion rubles. in the form of deposits.

As explained by the President of “Sistema” Mikhail Shamolin, in the first quarter of the current year MTS, controlling stake in which belongs to the Corporation, has demonstrated significant growth in revenues and strong profitability metrics.

He noted that as “Children’s world” has increased its revenue by more than 35%. According to he, it happened on the background of the expansion of chain stores and growth in market share.

In April 2016 the group has reported the results last year — at the end of 2015, she received 33.6 billion RUB of net profit after a losing 2014.

Sistema is a Russian financial public Corporation that owns MTS, the network of clinics “Medsi and Detsky Mir.