Luxoft capitalises on rouble’s weakness as profits rise 57%

Q3 profits at Luxoft, the Russian international custom software development and IT outsourcing company, grew by 56.8% compared to  the same period last year as the country’s exporters enjoy the price advantage that the spectacularly weak rouble is affording them. Luxoft specialises in the financial services sector and counts multinational companies such as Deutsche Bank, UBS and  Boeing among its customers; but while its profits have been increasing  in the US, the UK and Germany, the company’s performance in its home country  has gone into  decline. “The past quarter has been extremely profitable in the context of weakening currencies, mainly the rouble, which seriously helped us to increase revenues,” – said Chief Financial Officer Luxoft Roman Iakushkin, adding that the profits earned on foreign exchange would be invested back in the company and in M&A deals.

Source: Kommersant