Sitronics posts 1Q 2011 net loss of $12.7 million

Sitronics cuts net loss as for the 1Q 2011
Russian electronics and technology provider, Sitronics, has posted a 1Q 2011 net loss of $12.7 million under US GAAP

The net result improved from $25 million loss posted for the 1Q 2010, despite Adjusted OIBDA fell year-on-year to $5.8 million from $7.4 million reported for the 1Q 2010, with sales revenues increased 46% year-on-year to $277.6 million

The company said the improvement was driven by the performance of Information Technologies and Microelectronics business segments, which completed a number of key projects and secured a number of new contracts. The company hardware equipment sales outperformed the seasonal sale expectations as major customers shifted their anticipated purchasing to earlier in the year.

Sergey Aslanian, President of SITRONICS, said that the company has strengthened its market positions supported with public and state recognition

“We are on track with our strategy to consolidate and develop our market leading positions and customer relationships with public and private sector organizations in our core vertical and geographical markets. Our status as a preferred supplier of high technology solutions for public sector projects in Russia was reinforced by SITRONICS being entrusted with the important and large scale project to implement an Intelligent Transport System for the City of Moscow. This is a key step in the modernization of Moscow, which will improve the daily lives of millions of commuters and thousands of transport workers.”