Russia’s Yandex US GAAP adjusted net profit falls 8% in Q4 ‘15

MOSCOW, Feb 16 (PRIME) -- The adjusted net income of Russian Internet giant Yandex contracted 8% on the year to 3.6 billion rubles in October–December 2015, as calculated under the U.S. GAAP standards, the company said Tuesday in a report.

Revenue increased 23% to 18.1 billion rubles. Income from operations plunged 39% to 2.7 billion rubles.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 8% to 6.6 billion rubles. The adjusted EBITDA margin was at 36.3%, the company said.

“I am very proud of our accomplishments in 2015,” Yandex CEO Arkady Volozh said. “In the face of economic headwinds and a highly competitive environment, we managed to stabilize our market share, improve product quality, significantly increase the size of our Web index, and introduce a sophisticated new auction model that is already having a material impact on monetization.”

“October–December (2015) was an excellent quarter in which we delivered strong top line growth at 23% year-over-year and served a record number of advertisers,” Chief Operating Officer Alexander Shulgin said. “We continued to broaden our business beyond search with the creation of three new business units – Yandex.Taxi, Auto.ru, and Yandex.Market – in which we will invest aggressively to accelerate growth in 2016.”

In the whole of 2015, the company’s adjusted net income shrank 11% to 12.2 billion rubles. Revenue rose 18% to 59.8 billion rubles. Income from operations went down 37% to 9.6 billion rubles.

Adjusted EBITDA was flat on the year in 2015 at 21.0 billion rubles. The adjusted EBITDA margin was at 35.1%.

“We expect our ruble-based revenue to grow in the range of 12% to 18% in the full year 2016 compared with 2015. This outlook reflects our current and preliminary view, based on the trends that we currently see,” Yandex said.

(77.7792 rubles – U.S. $1)

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