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VK posts IFRS revenue growth to $513.4 mln — report

It is reported that online advertising became the main growth driver

MOSCOW, August 11. /TASS/. Total normalized revenues of VK under the International Financial Reporting Standards (IFRS) gained 4% year-on-year in the first half of 2022 to 31.1 bln rubles ($513.4 mln), the Russian technology company said in its report.

"Total revenues of VK under IFRS surged by 11% year-on-year and amounted to 32.8 bln rubles ($540.8 mln). Total normalized revenues edged up by 4% in annual terms and equaled 31.1 bln rubles ($513.4 mln). Online advertising became the main growth driver," VK said.

Total normalized EBITDA fell by 37% to 4.2 bln rubles ($69.3 mln). Total net profit of the company under IFRS tumbled 26.5% to 3.6 bln rubles ($59.4 mln).