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Monday, August 07, 2006

Sistema Posts Massive Losses

MOSCOW, August 4 (RIA Novosti) - Russian conglomerate AFK Sistema (RTS: AFKS) said its net losses calculated to Russian Accounting Standards were 15.338 billion rubles ($572 million) for April-June, against 1.250 billion rubles (almost $47 million) in net profit in the first quarter of the year.

AFK Sistema, one of Russia's largest diversified corporations with business ranging from banking to telecommunications, said the losses were due to quarterly reassessment, in line with Russian accounting laws, of investment in the equity of other companies, namely communications operators MTS and Comstar UTS.

Founded in 1993, AFK Sistema manages businesses in service-based industries, including telecommunications, technology, insurance, banking, real estate, retail and media. The company's main shareholder is Vladimir Yevtushenkov (62.1%), who is also its founder and chairman of the board of directors.

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