Magnit profit rises 52% in nine-month period

Russian retailer Magnit reported a 52% rise in nine-month net profit to USD180.5 million. The company, which raised more than USD500 million through a secondary share placement in October, also said its capital expenditure for 2010 would be the largest in its history, but provided no further details. It reported a 3.3% dip in revenue to USD3.75 billion and EBITDA reached USD349.8 million. Revenue declined due to the weakening rouble against the dollar. Gross profit rose 6.2% to USD8.73 million, with better logistics and purchasing terms driving the margin to 23.3% from 21.2% a year ago.