Magnit posts 98% jump in 3Q 2008 Net Profit

Russian retailer Magnit has posted a 3Q 2008 Net Profit of $118.9 million under IFRS.

The bottom line results is up 98% year on year, with EBITDA rising by 97.1% year on year for the 9 months to $265.3 million. Sales revenue jumped 50.9% to $3.88 Billion for the period.  The company attributed the stronger than expected results to stronger sales at existing stores, with average purchases rising 32%, and new store openings, as the company added 208 new outlets over the first 9 months of 2008.

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