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Sitronics reduces Q4 net loss, telecoms unit recovers

Russia's largest technology company OAO Sitronics Friday posted a reduced fourth-quarter net loss, after demand picked up for the networking and billing services provided by its telecommunications arm.

The AFK Sistema unit made a net loss of $7.8 million for the last three months of 2008, compared with a $46.1 million loss a year earlier.

Revenue rose 1.2% to $612.3 million from $605.0 million, and almost half of the 2008 total came from Sitronics' telecommunications segment which had been shrinking until 2008, but grew by 42% as it won more contracts for services to Russian mobile operators.

Sitronics' net loss incorporated a $40.8 million foreign exchange loss because the depreciation of the ruble has increased the book value of the company's dollar denominated debt. Many Russian companies have reported similar losses. The company said the technology industry in Russia will contract by 20% in 2009, but said that it expects to outperform the market "due to (its) strong competive position and relationship with the Russian government".

In anticipation of these tougher conditions, the company also said it has reduced its capital expediture budget for 2009 to $60 billion, one third of its 2008 level.

Источник: Total Telecom

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