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M.video posts FY 2010 net profit of 2.221 billion Roubles

M.video posts FY 2010 net profit of 2.221 billion Roubles
Russia's largest consumer electronics retailer, M.video, has posted a FY 2010 net profit of 2.221 billion Roubles under IFRS.

­The bottom line is up 184% year-on-year from the 2009 net profit of 0.8 billion Roubles, with EBITDA increasing to 4.5 billion roubles in FY 2010 compared to 3.2 billion roubles in FY 2009, on the back of a 23%year on year  increase in retail sales to 102 billion roubles.

The company attributed the results to its retail chain expansion and opening of 44 new stores in 2010 as well as a 9%increase in like-for-like stores sales.
Alexander Tynkovan, President of M.video, hailed the results saying that the company will continue its expansion strategy.

“We demonstrated quite remarkable profitability improvements in FY 2010 while sustaining network expansion and preserving positive cash generation from our operations. Above all, our solid financial position and improved profitability allows us to continue our expansion in Russia while expecting the Company to pay steady amounts in dividends for the foreseeable future.”