Euroset posts 3Q 2010 net profit of 1.877 billion roubles

Russian mobile phone retailer, Euroset, has posted a 3Q 2010 net profit of 1.877 billion under IFRS

The bottom line is 26.7% up year on year from 1.481 billion roublesin 3Q 2009, with 3Q 2010 EBITDA up 34% year on year to 2.544 billion roubles, on the back of a 10.4% year on year  increase on consolidated revenues to 16.908 billion roubles. Euroset PR Director, Ulyana Smolskaya, said the stronger than expected results reflected good management and continued operational expansion. “This period was better than our forecasts. In particular, sales are higher than expected by about 10%. In addition, we continued to conduct and continue to work on the efficiency of business processes that positively affect the financial results.”