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Russia's Sistema Q4 net profit falls 74 pct

Reuters - UK Focus

MOSCOW, April 3 (Reuters) - Russian conglomerate Sistema said on Thursday its fourth-quarter net profit more than halved year-on-year, due to a foreign exchange loss.

Sistema, whose biggest assets are majority stakes in Russia's top mobile operator MTS and mid-sized oil firm Bashneft (MCX: BANE.ME - news) , reported a net profit of $47.7 million, down from $180.1 million the year earlier.

Adjusted net profit rose 72.5 percent to $627.3 million on revenue of $9.9 billion which was up 4.6 percent on the same year-ago period. (Reporting by Maria Kiselyova; Editing by Megan Davies)