Sistema Posts Surge In Q1 Profit

Russian conglomerate Sistema JSFC posted a rise in its profit in the first quarter. Its quarterly net profit climbed to $380.9 million, from $97 million, in the year-ago period. The company posted a loss of $530.2 million in the fourth quarter of 2011. Sistema's revenue climbed 9.3% to $7.9 billion. Its operating income before depreciation and amortization jumped 17.2% to $2 billion.