Magnit serves up 75% jump in Net Income for 1H 2008
Published: 26 August, 2008, 06:59
Russian food retailer Magnit has unveiled a Net Income of $65.9 million for the first half of 2008, up 75% on the same period 2007 under IFRS.
EBITDA was up more than 90% for the period to $157.6 million on revenues of $2.47 Billion.
The company opened 118 supermarkets and 6 hypermarkets in the period, cementing its position as Russia’s second largest retailer. The new openings meant that selling space increased by more than 25%, while average sales in stores opened a year or more increased by more than 33%.
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