icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Magnit posts 1Q 2009 Net profit of 1.8 billion Roubles

Magnit posts 1Q 2009 Net profit of 1.8 billion Roubles
Russian retailer Magnit has posted a 1Q 2009 Net Profit of 1.8 billion Roubles under IFRS.

The Net Profit is up more than 160% year on year from the 691 million Rouble Net result posted for 1Q 2008 with 1Q 2009 EBITDA doubling year on year to 3.45 billion Roubles on the back of Revenues of 38.26 billion Roubles, up 35% year on year.

Magnit noted it had added 94 new stores during the quarter, bringing its total number of outlets to more than 2600 and leading to a 26% year on year increase in sales space, as the company focuses on smaller towns as a key part of its growth strategy, and with Russian consumers reacting to the economic downturn with a focus on price.

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.

Podcasts