Mail.Ru Group’s IFRS net profit falls 32.2% in January–March

MOSCOW, May 4 (PRIME) -- The net profit of Russian Internet giant Mail.Ru Group fell 32.2% on the year to 2.406 billion rubles in January–March, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement on Friday.

Revenue of the company rose 27.8% on the year to 16.5 billion rubles in the period, but aggregate segment earnings before interest, taxes, depreciation and amortization (EBITDA) decreased 20.1% to almost 4 billion rubles because of development costs, the company said quoting CEO Boris Dobrodeyev as saying.

The company expected its EBITDA to fall in the first quarter, but it maintains its forecast for the annual revenue and EBITDA excluding a March U.S. $100 million purchase of e-sports company ESforce, Dobrodeyev said.

In March, Mail.Ru Group said it expected the revenue to grow 23–28% to 68.6–71.4 billion rubles in 2018, and EBITDA to amount to 21–22 billion rubles.

(63.4860 rubles – U.S. $1)

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