Kopeika posts FY 2009 net profit of 1.628 billion Roubles

Discount retailer, Kopeika, has posted a FY 2009 net profit of 1.628 billion Roubles under IFRS.

The bottom line is up from 2008 net losses of 1.64 billion Roubles, with EBITDA increasing year-on-year 78% to 3.71 billion Roubles, and revenues climbing 17% to 54.881 billion Roubles.

Kopeika opened up 70 new stores up to 587 in 2009 with floor space increasing by 17%. In a press-release the company said 2009 was a year of profitability growth due to balanced development strategies and cost management.