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. Last Updated: 07/27/2016

Sistema's Profit Falls 11%

Sistema's second-quarter profit fell 11 percent as the economic slowdown and lower wages hurt demand for consumer goods and telecommunications services, the company said in a statement Thursday.

Net income declined to $246.2 million, or $2.65 per share, from $277.3 million, or $3 per share, a year earlier, the company said. Sales rose 3.1 percent to $4.24 billion. Revenue growth was hurt by the decline of the ruble, which fell 25 percent against the dollar at the end of the quarter compared with a year earlier.

(Bloomberg)