OAO Sitronics, the electronics maker controlled by Russian billionaire Vladimir Yevtushenkov, said its loss narrowed in the first quarter as sales increased.
The net loss shrank to $8.2 million from $28 million in the same period last year, the Moscow-based company, which is a unit of AFK Sistema, said today in an e-mailed statement. Revenue rose 44 percent to $445.8 million.
Sitronics, whose products include telecommunications equipment, software and consumer electronics, has been hurt by project delays, including business with one of its main clients, OAO Mobile TeleSystems, Russia's biggest mobile operator.
``We intend to drive further growth in the business segments, reducing costs and improving operating profitability throughout the group,'' Sitronics Chief Executive Officer Sergey Aslanyan said in the statement.
Operating income before depreciation and amortization in the first quarter was $20.6 million, compared with a loss of $11.4 million a year earlier.
Sitronics said it has won $31.3 million in contracts since the end of April. Sitronics is bidding to provide equipment for a pan-Indian network for the mobile-phone operator Shyam Telelink Ltd., controlled by its parent company Sistema.
Sitronics's main line of business, telecommunications solutions, reported an operating profit before depreciation and amortization of $6 million compared with a loss of $11.8 million a year earlier. Revenue increased 37 percent to $155.3 million.
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