Mail.ru Heads for Highest in 4 Weeks as Profit Beats Estimates

Mail.ru Group Ltd. (MAIL) headed for its highest in almost four weeks after the Russian Facebook Inc. investor’s first half-half earnings beat analysts’ expectations.

The shares advanced 7.1 percent in London to $34 by 10:50 a.m., poised for its highest close since Aug. 4.

Net income climbed to $85.6 million in the first half from $39.7 million a year earlier, Mail.ru said today in a statement. That beat the average estimate of $69.3 million from six analysts surveyed by Bloomberg.

“Mail.ru Group’s strong results came above expectations and should support the stock price,” Konstantin Belov, an equity analyst at UralSib Financial Corp., wrote in an e-mailed report today.

To contact the reporter on this story: Jason Corcoran at Jcorcoran13@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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