By Cash management company Brink’s Co. plans to continue operating in Russia for the foreseeable future, Chief Financial Officer Ron Domanico said Tuesday.
“We believe the best method right now is to operate locally with a low profile,” Domanico said, adding that announcing the company’s exit from Russia at this time could be seen as “agitating.”
Brink’s
BCO,
+2.29%,
which generates less than 1% of its global revenue in Russia, abides by international sanctions against the country and has stopped all international shipments in and out of Russia, focusing on domestic transfers of cash, precious metals and other valuable items instead. The company continues to consolidate the results of the Russian entity as part of its global financial statement, Domanico said.
Brink’s on Tuesday reported revenue of $1.074 billion for the first quarter, up 10% from the prior-year period. Operating profit was $62 million during the quarter, or 1% higher than a year before.
