Russian pharmaceutical chain, Pharmacy 36.6, has posted a 1Q 2010 net loss of 162 million roubles under IFRS.
The bottom line shows a 75% improvement on the 1Q 2009 net loss of 648.5 million roubles, with EBITDA rising by 2 million from 1Q 2009 to 213.7 million roubles, as revenues fell 28.7% year on year to 3.416 billion roubles.
The company says the results reflect the closures of non performing stores during 2009 and early 2010, with 1Q 2010 like for like sales also down by 21%. It added that the improvement in the bottom line also reflected a gain foreign currency revaluation, as well as a reduction in debt service financial costs and minority interest payments.