Turnaround plan brings 3Q 2008 profit for Pharmacy 36.6

Russia’s largest retail chemist, Pharmacy chain 36.6, has posted a 3Q 2008 Net profit of $3.6 million under IFRS.

The small profit is a stark turnaround from the $25 million loss posted in 3Q 2007, and came with EBITDA coming in at $10.6 million, comparing with -$2.2 million in 2007, on Revenues of $254.4 million, up 27%. 

The 3Q results made for a 9M 2008 Net Loss of $4.5 million, down from a loss of $41.9 million for 9M 2007, with EBITDA at $20.3 million, up 59% year on year, on Revenues of $813.2 million, up 38%.

The results reflect a company turnaround plan focused on reducing debt and administrative expenses.  This has seen the sale of a stake in its real estate assets generating $37.4 million, improving margins, and the closure of 125 stores of the January-September period 2008.