Rostelecom’s IFRS net income leaps 58% to 11.8 bln rbl in Jan–Mar

MOSCOW, May 13 (PRIME) -- The net income of Russian state-controlled telecom operator Rostelecom jumped by 58% to 11.810 billion rubles in January–March, as calculated under International Financial Reporting Standards (IFRS), the company said on Thursday in a statement.

Revenue increased by 9% to 131.958 billion rubles.

Operating income before depreciation and amortization (OIBDA) grew by 18% to 55.437 billion rubles. The OIBDA margin went up 3.3 percentage points to 42%.

Capital expenditure excluding state programs increased 24% to 27.181 billion rubles.

The net debt, including lease liabilities, narrowed 0.1% over a year to 470.665 billion rubles.

“While our performance in during the first quarter has exceeded our expectations, the macroeconomic risk factors that could negatively impact our results remain and we prefer to be conservative when setting the guidance for 2021,” Senior Vice President and Chief Financial Officer Sergei Anokhin said.

“We therefore maintain our previously published forecast for 2021, where we expect to see a minimum 5% increase in consolidated revenues and OIBDA, with ÑAPEX of between 110–115 billion rubles, excluding implementation of state programs. We may revisit these forecasts over the course of the coming reporting periods.”

(74.0400 rubles – U.S. $1)

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