UPDATE 1-Russia's Yandex Q1 net profit rises 53 pct y/y
reuters.com
Thu Apr 26, 2012 7:34am EDT
* Earnings rise to 1.3 bln roubles from 820 mln rbls
* Revenues up 51 pct to 5.9 bln roubles
* Reiterates 40-45 pct revenue growth forecast for FY
MOSCOW, April 26 (Reuters) - Yandex, Russia's most popular search engine, reported a 53 percent year-on-year jump in first-quarter net profit to 1.258 billion roubles ($42.80 million) and reaffirmed sales growth guidance for the year.
"Yandex drove another strong quarter of robust growth, highlighted by particularly strong contextual advertising results as well as ongoing market and search share leadership," said chief executive Arkady Volozh.
Yandex's share of the Russian search market averaged 59.4 percent in the first quarter, the company - one of the few search groups to lead Google in its home market - said, citing data from LiveInternet.
Quarterly sales increased 51 percent to 5.9 billion roubles on the back of a 53 percent rise in text-based advertising revenues, which accounted for 90 percent of the total.
Yandex, which raised $1.4 billion in an oversubscribed initial public offering (IPO) in New York last May, reaffirmed guidance for the full-year 2012 revenue growth at 40-45 percentin rouble terms after a 60 percent growth rate in 2011.
Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) rose 38 percent in the January through March period to 2.4 billion roubles, with an EBITDA margin of 40.5 percent.
Net income, adjusted for potential employee compensation expenses in connection with a recent acquisition, increased by 38 percent to 1.5 billion roubles. |
