Russian search provider Yandex has posted a 26% y/y net income growth at the end of 2014 despite the economic headwinds which include strong currency fluctuations, it says.
The 2014 net income stood at RUB17bn ($302.5m) with revenues up to RUR50.8bn which translated into a 29% increase comparing to the previous year. Adjusted EBITDA went up by 21% y/y to RUR21bn ($374.2m) and operating margin stood at 30.2%.
Yandex says that throughout the year it remained focused on expanding the existing service and product portfolio and continued to develop new products such as the recently launched Yandex Data Factory.
With unstable macroeconomic situation in Russia and political tensions running high between Russia and Ukraine, the company was forced to face some challenged environment especially that its operating subsidiaries in Russia conduct transactions in the Russian ruble. And the changes due to exchange rate fluctuations in the ruble value of these subsidiaries’ assets and liabilities that are denominated in other currencies are recognised as foreign exchange gains or losses.
“Although we face challenging economic headwinds, including substantial currency fluctuations, we are managing Yandex for the long term. We will continues to improve monetisation, pursue cost efficiencies in our core business and manage our forex exposure, while investing into critical growth areas such as mobile and advertising technologies” says Chief Executive Officer at Yandex, Arkady Volozh.