Revenues of Mail.ru up by 33% y/y in Q3. [IntelliNews - Weekly Reports]
(IntelliNews - Weekly Reports Via Acquire Media NewsEdge) Russian internet group Mail.ru reported revenue growth of 32.9% y/y to RUB 6.6bn (USD 206.9mn) in Q3/13, without providing the accounting standards used. To compare, revenues' growth rate amounted to 39% y/y in 2012 overall under IFRS.
Revenues from on-line MMO games and IVAS (interactive value added services) went up by 32.5% y/y and 39% y/y to RUB 1.545bn and RUB 2.089bn, respectively. Advertising revenues were smaller: RUB 1.2bn from display advertising (up by 12.4% y/y) and RUB 1bn from contextual advertising (61% y/y growth).
Mal.ru welcomed the monetization agreement with Russia's largest search engine Yandex, commenting that contextual advertising is going to continue being the fastest growing segment.
Mail.ru reiterated its revenues forecast of revenue growth for 2013 at 27%-29% and EBITDA margin forecast of 53%-54%.
Mail.ru reported IFRS net profit increasing by 36% y/y in 2012 to RUB 8.54bn (USD 247mn). Same as the financials of another internet major Yandex, although showing substantial profit, the growth rate of Mail.ru is declining: in 2011 its IFRS net profit went up by 156% y/y in 2011 and by 66% y/y in H1/12. In the end of 2012 analysts agreed that financials of large internet companies are naturally peaking off as market gets satiated.
Mail.ru unties social networks Odnoklassniki and Moy Mir, messenger services Mail.ru Agent and ICQ, as well holds shares in social network V Kontakte and Qiwi payment system, and minority stake in Facebook. It recently withdrew from capital of Groupon and Zynga. In November 2010 Mail.ru held an IPO on LSE, raising about USD 1bn.
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