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Sitronics posts FY 2010 net loss of $45.6 million

Sitronics posts FY 2010 net loss of $45.6 million
Russian electonics and technology provider, Sitronics, has posted a FY 2010 net loss of $45.6 million.

The FY 2010 net result compares with a FY 2009 net loss of $119.1 million, as FY Adjusted OIBDA rose to $122.1 million from $101.1 million in 2009, and FY 2010 Revenues rose 14% year on year to $1.166 billion.

For 4Q 2010 Sitronics posted a net income of $19.2 million, compared with a net loss of $37.3 million posted for 4Q 2009, with 4Q OIBDA swinging from a loss of $19 million in 2009 to a profit of $54.8 million in 2010, as consolidated revenues rose 21% year on year to $484.5 million.

Sitronics President, Sergey Aslanian, highlighted the turnaround as reflecting Sitronics focus on costs and laying a platrofm for further profitability improvements.

“We have reported accelerated growth in the fourth quarter with a substantial positive swing in OIBDA profitability and a margin of 11.3%, and we were also profitable at a net income level. For the full year, our revenue growth of 14% was above expectations and higher than market growth levels in what remained challenging market conditions for the telecommunications and technology industries. We reduced costs across the board and all three of our business segments"