Mail.ru posts FY 2010 net income of $77.3 million

Russian Internet Company, Mail.ru Group which includes Mail.Ru Internet NV, ICQ, Odnoklassniki, and HeadHunter, has posted FY 2010 net income of $77.3 million under IFRS

The bottom line is up 66% year on year from the FY 2009 net income of $46.5 million, with EBITDA rising 77% year on year to $119.4 million, as group revenues increased 64% to $324.7 million from $197 million a year earlier. The company attributed the results to a significant increase of payments for paid features and virtual items sold on our social networks and other services, such as dating services and social games. The HeadHunter, the Group’s online recruitment vehicle, saw an 84.4% increase in revenues as the economic recovery strengthened and the recruitment market rebounded strongly.Dmitry Grishin, Mail.ru Group’s Co-Founder and Chief Executive Officer, was upbeat with the results saying that the growth was achieved with strong demand for internet advertising and social activity coupled with the groups monetization model and integration of complementary services. “Our business continued to perform strongly in 2010 and in the first quarter of 2011 across all of our products. In the Group’s online advertising business we continued to benefit from a strong cyclical recovery combined with an ongoing shift to online advertising, which helped us achieve 64% growth (48% organic, i.e. excluding the effect of ICQ acquisition) in Group aggregate segment online advertising revenues compared to 2009. Group aggregate segment Community IVAS revenues in 2010 increased by 67% and aggregate segment MMO revenues increased by 63% compared to 2009, reflecting the strength of our monetization model and our ability to benefit from growing penetration and engagement in the Russian Internet market.In the first quarter of 2011 the Group continued to follow a strong growth trajectory with  Group aggregate segment revenue increasing by 69% when compared to Q1 2010 (61% organic). Group aggregate segment online advertising revenues grew by 99% (74% organic) and Group aggregate segment community IVAS revenues increased by 69%. Group aggregate segment MMO games revenue increased by 39% and other aggregate segment revenue (primarily consisting of other IVAS and online recruitment services) increased by 83% (80% organic).”