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Sitronics posts 3Q 2009 Net Loss of $14.8 million

Sitronics posts 3Q 2009 Net Loss of $14.8 million
Russian telecommunications technology provider, Sitronics, has posted a 3Q 209 Net Loss of $14.8 million under U.S. GAAP.

The bottom line compares with a 3Q 2008 Net Loss of $32 million, with 3Q OIBDA coming in at $11.6 million, down from $15.5 million in 2008, as 3Q Revenues came in at $221.4 million, down from $279.6 million in 2008.

The 3Q posting made for a 9M 2009 Net Loss of $57.1 million, down from a $59.9 million Net Loss for 9M 2008, with 9M OIBDA falling from $45.9 million in 2008, to $25.7 million in 2009, and 9M Revenues falling from $905.2 million in 2008 to $625.4 million.

Despite the loss, Sitronics noted it was outperforming the market and had signed $590 million in new contracts since the start of the year, with currency fluctuations also worsening the report. The company also noted that 4Q was traditionally the strongest quarter of the year for sales, and Sitronics President Sergey Aslanian noted the strengthening of the working relationship with the Russian government

“We continued to out-perform the market in the third quarter and have now won US$ 590 million of new contracts since the beginning of the year. We have further strengthened our close working relationship with the Russian Government at both national and regional level, as is clear from the agreement that we have just signed with RUSNANO to develop and launch full-scale 90 nanometre microchip production at our plant in Zelenograd. We have also developed our presence across a range of industrial sectors in the Russian and international markets with both existing and new customers.”