OREANDA-NEWS. November 19, 2010. RBC posts 3Q 2010 results.

Business highlights:

RBC’s revenue up 13% in the third quarter year on year, driven mostly by the Internet segment

RBC holds the fourth position among Russian Internet companies in terms of its audience

The aggregate audience of the largest business web portal, rbc.ru, increases 40% against Q3 2009, reaching 11 million users

RBC Daily outstrips its competitor Vedomosti in terms of popularity in Moscow, the latest TNS Gallup survey reveals

RBC completes the restructuring of the group’s financial debt to creditors

A favorable economic situation, completed restructuring, increased demand from advertisers, a raise in ad rates, and expanding audiences all signal high revenue growth rates for 2011

In December 2010, the Board of Directors will adopt the company’s mid-term development strategy

OJSC RBC-TV Moscow published its financial results for the third quarter of 2010.

In Q3 2010, RBC’s consolidated revenue expanded 13% against the same period of the previous year, reaching RUB 773.2 mln. A favorable macroeconomic situation in Russia, an upturn on the Russian advertising market, and the completed debt restructuring process all worked together to drive advertisers’ activity upwards. RBC’s high audience figures coupled with the traditionally high efficiency of the company’s advertising resources also contributed to the advertising revenue growth.

 “On the whole, I am pleased with RBC’s performance in the quarter under review, considering that many advertisers abstained from allocating any ad budgets to RBC’s resources in late 2009 and early 2010 because of uncertainty regarding the company’s future development. The company’s financial difficulties were completely off the table, however, once the deal with ONEXIM Group was closed and settlements with the creditors completed. As a result, we managed to turn the tide: RBC’s revenue has started going up. Although the low activity of advertisers in the first half of the year will not allow for more than a 10% rise in revenue on an annualized basis, we are confident that RBC is on track to demonstrate considerably stronger growth in 2011,” said General Director of RBC-TV Moscow German Kaplun.