The leading Russian online portal Mail.ru, which is owned by Digital Sky Technologies (DST) and Naspers, has announced 2008 financial results according to US GAAP. The company accounts were audited by Ernst & Young.
Mail.ru 2008 revenues were $74.6 million, up 45% from 2007. The net income was $34.3 million in 2008, up 29% from 2007. Mail.ru net income margin was 46%. Mail.ru has a staff of 450 employees in offices in Moscow and six Russian regional cities.
Mail.ru, which turned 10 years old in October 2008, has postponed a London-based IPO last summer.
Mail.ru has a monthly audience of more than 40 million, which is similar in size to audiences of Yandex and Rambler. However, Mail.ru generated annual revenues 4 times less than Yandex ($300 million) and 32% less than Rambler ($110 million) in 2008. In contrast, Mail.ru net income margin of 46% was much higher than Rambler’s margin of 3%. Yandex did no disclose its net income in 2008.
The three companies Yandex, Rambler Media and Mail.ru hold 80% of Russian internet advertising market valued at $590 million in 2008.