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Sistema swings to net loss on mobile unit write-off
September 13, 2012 / 8:11 AM / 5 years ago

Sistema swings to net loss on mobile unit write-off

MOSCOW, Sept 13 (Reuters) - Russian holding company Sistema said it swung to a $161.9 million net loss in the second quarter, hit by a $1.1 billion write-off at its mobile unit MTS, whose license was suspended in the central Asian state of Uzbekistan.

Revenues at Sistema, which also counts mid-sized oil company Bashneft and children goods retailer Detsky Mir among its assets, decreased by 6.3 percent, year-on-year, to $8.1 billion, it said in a Thursday statement.

The revenue fall was due to the depreciation of the Russian rouble, the main operating currency of its units, against the dollar, their reporting currency, Sistema said.

In the second-quarter of 2011, Sistema made $332 million in net profit.

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