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Russia’s Mail.ru raises 2017 revenue guidance

Russia’s Mail.ru raises 2017 revenue guidance

MOSCOW: Russia’s Mail.ru Group Ltd says: Q2 group aggregate net profit grew 2.1 pct y-o-y to 3.0 billion roubles ($50 million); Q2 group aggregate segment EBITDA grew 6.5 percent y-o-y to 4.6 billion roubles; Q2 group aggregate segment revenue grew 36.8 pct y-o-y to 13.1 billion roubles; Net cash position as of June 30, 2017, was 8.6 billion roubles; Increases FY 2017 revenue guidance from previous guidance of 17-21 pct y-o-y pro-forma revenue growth to pro-forma revenue growth of between 23-26 pct y-o-y to 52.6-53.9 billion roubles; Expects 2017 EBITDA of around 20 billion roubles; Blocking of Mail.ru’s products in Ukraine during Q2 has had some adverse effects on revenues and it estimates a negative effect of around 1.5 pct of total revenues in 2017. Source text for Eikon: Further company coverage: ($1 = 60.0200 roubles)