X5 posts 1H 2009 Net Income of $48.3 million

X5 Group, Russia's largest retailer, has posted a 1H 2009 Net income of $48.3 million under IFRS.

The bottom line is down 68% from the $152.9 million Net Income posted for 1H 2008, with EBITDA falling 10% year on year to $347 million, on the back of an 8% slide in net sales to $3.978 billion.

The 1H figures showed a marked improvement in the company’s position during 2Q, where X5 reported a net profit of $130 million, on the back of a non cash forex gain and improved operational performance. 2Q EBITDA came in at $184 million, on the back of a 7% year on year in net sales to $2.11 billion.

The company noted the first half figures had been significantly affected by currency volatility but was generally ebullient about the rise in like for like sales and the impact of its focus on cost controls over recent quarters, with CEO Lev Khasis noting the company is pushing to continue its leadership position in retailling.

"In the first half of the year X5 delivered the highest like-for-like sales growth among Russian peers thanks to our "close-to-the-customer" approach and flexibility of X5's multi-format business model. We continue to fine-tune our formats' strategies to achieve clear distinction between value propositions and ensure long-term multi-format success and leadership.”