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Sitronics, a Russian microelectronics company, reported on Tuesday
Sitronics, a Russian microelectronics company, reported on Tuesday that its U.S. GAAP net losses fell 75.4% year-on-year in January-September to $46.1 million.

Sitronics, a leading provider of telecommunications, information technology and microelectronic solutions in Russia and the CIS, said its earnings stood at $1.39 billion, a 36.9% rise against the same period in 2007. Operating Income before Depreciation and Amortization (OIBDA) shrank to $70.6 million from $107.5 million.

In the third quarter of this year, company losses fell 76% year-on-year to $25.9 million, earnings increased 22.7% to $461.8 million, while OIBDA fell to $24.7 million from $68.9 million in July-September 2007.

AFK Sistema [RTS: AFKS], one of Russia's largest diversified companies, holds a controlling stake in Sitronics, and Sistema President Alexander Goncharuk controls another 3.14%. A 17.55% stake is floated freely.


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