Russian Social Net Odnoklassniki Finds A Profit Gear

Russia’s leading social network saw net profit grow nearly 10x last year, partly on growth in display ad sales, though it’s still pulling far less than western counterparts.

Odnoklassniki, the Facebook-like classmates site created in 2006, more than doubled revenue to 1.54 billion rubles ($48.6 million) from 2008, leading to 9.4 times higher net profit of 39 million rubles ($1.6 million, Vedomosti reports (via Quintura).

Quintura: “ generates revenues from display advertising, paid services, contextual links and social games. The leading Russian website social network, Odnoklassniki, which has 45 million registered accounts, attracts 10 million daily users.”

Digital Sky Technologies’ Forticom owns 60 percent of the network, with founder Albert Popkov and his wife the remaining 40 percent.

Let’s not bet against DST, which this month bought from Naspers the remaining stake in that it did not own, trying to buy out Popkov now that’s is ratcheting up.