Russian boom helps ramp Sitronics, Mikron sales
June 07, 2007 //
JSC Sitronics, a Russian provider of telecommunications and consumer equipment and owner of chip maker JSC Mikron (Zelenograd, Russia), increased its annual sales revenue by 69 percent in 2006 to $1.61 billion. Mikron more than doubled its annual sales revenue.
LONDON JSC Sitronics, a Russian provider of telecommunications and consumer equipment and owner of chip maker JSC Mikron (Zelenograd, Russia), increased its annual sales revenue by 69 percent in 2006 to $1.61 billion. Mikron more than doubled its annual sales revenue.
Sitronics made a net profit of $61.3 million on sales revenue of $1.61 billion in 2006. Net profit was down slightly from $69.2 million in 2005, mainly due to increased capital spending and depreciation, the company said in its regulatory filing.
Sitronics now reports its results in english as a consequence of issuing and listing Global Depository Receipts on the London Stock Exchange earlier in 2007. One GDR represents 50 shares. Sitronics raised $356.5 million net in the IPO conducted in February.
The microelectronics division, essentially Mikron, is engaged in the design, production and distribution of of ICs, chip cards and microchip packaging. It more than doubled sales revenue from $56.9 million in 2005 to $122.6 million in 2006, according to financial results from Sitronics.
The growth was attributed to increased economies of scale and the successful launch of products during the year, including the production of flexible chip modules, Moscow Metro fare cards and mobile phone SIM cards.
During the year Sitronics signed strategic alliances with STMicroelectronics NV, which is providing next-generation process technology, and Cisco Systems Inc., raised $200 million through a Eurobond placement and sold 3.67 percent of its share capital to the European Bank for Reconstruction and Development (EBRD) for $80 million.
"We have entered 35 new markets and more than doubled the number of countries in which we operate. We are now exporting our solutions to 60 countries around the world. We also launched a wide range of new products and services during 2006 and entered into alliances with some of the world's leading technology companies, in order to enable the group to benefit from continued growth moving forward," said Evgeny Utkin, president of Sitronics, in a statement.
"We also reorganized our capital structure during the year and successfully raised substantial loan financing ahead of our IPO, which was successfully completed after the end of the year," he added.
Sitronics, has plants in Greece, the Czech Republic and the Ukraine, as well as in Russia.
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