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Magnit posts FY 2010 net profit of $333.7 million

Magnit posts FY 2010 net profit of $333.7 million
Russian retailer, Magnit, has posted a FY 2010 net profit of $333.7 million under IFRS.

The net result was up 16.1% year on year from the $275.15 million net profit posted in 2009, with FY EBITDA rising 24% to $631.6 million from $509.5 million, as revenues jumped 45.25% to $7.8 billion from $5.4 billion a year earlier.

Magnit attributed the stronger sales to a 9.1% hike in like for like sales accompanied by the significantly increased sales space, with CEO, Sergey Galitskiy expressing confidence about the 2011outlook.

“We consider 2010 results positive. We would like to mark two trends appeared in the 4th quarter of the last year: strong price growth of automobile fuel and significant increase of the number of stores included in the renovation program. Speaking about this year expectations we are optimistic and look to considerable rate of sales growth.”