Rambler Media, one of Russia’s most popular internet brands, has posted 1H 2009 Net Loss of 68 million Roubles under IFRS.

The bottom line is a blowout from the 1H 2008 Net loss of 11 million Roubles, with consolidated EBITDA falling 60% year on year to 85 million Roubles, on the back of an 18% fall in Revenues to 1.02 billion Roubles, and includes write offs related to Begun.

The company attributed its Net Result to the devaluation of the Russian Rouble against the U.S. dollar, which saw the company book foreign exchange losses of 43 million Roubles, with macroeconomic turmoil and weak advertising demand in the period also reducing Revenues.

However, Olga Turischeva, CEO of Rambler Media, was upbeat commenting on the results, saying in the future the company will focus on diversification in the face of changing subscribers demands.

“What is obvious is that we need to reconsider the balance of our product portfolio, bearing in mind the needs of more active users spending increasingly more time online. Reallocating more effort to such services as communications and navigation is crucial. It is the key need of every online user and forms the core of our strategy to create an active and loyal audience. Although we remain committed to containing costs during this tough environment, I believe that we also need to continue to invest in innovation and to encourage new ideas and new projects that will attract new users to Rambler.”