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Sistema Q3 Profit Up 27%

Billionaire Vladimir Yevtushenkov’s Sistema holding said Thursday that third-quarter net profit rose 27 percent quarter on quarter to $183 million, due to a strengthening economy.

Sistema, which controls Mobile TeleSystems and midsized oil producer Bashneft, said revenue rose 5.6 percent quarter on quarter to $7.3 billion, and was up 37 percent year on year.

In year-on-year terms, net income fell 89 percent from a revised $1.684 billion, Sistema said. The revision was made to include results of Bashkir energy assets, vice president Alexei Buyanov said.

(Reuters)


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