Pharmacy 36.6 posts 1Q 2011 net profit of 205.9 million roubles

Russian pharmaceutical chain, Pharmacy 36.6, has posted a 1Q 2011 net profit of 205.9 million roubles under IFRS.

The bottom line compares with the net loss of 122.6 million roubles in Q1 2010, with EBITDA also rising to 443.4 million roubles, on the back of an 8.7% revenue increase to 3.713 billion roubles from 3.416 billion roubles a year earlier.The company noted that Like-for-like gross sales in Q1 2011 increased by 19.3% in rouble terms compared to the relative period of 2010 and an average check in like-for-like stores increased by 22% from 245 roubles over the 1Q 2010 up to 299 roubles in 1Q 2011.  It added that government price regulations which came into effect in April 2010 had had the effect of pressuring margins, which was offset by better purchasing terms and the increased component of higher margin products in the total sales mix.