Magnit's H1 net soars

Magnit's IFRS net profit surged 159.21% year-on-year to RUB 10.41bn (approx. USD 339.88m) in the first six months of 2012, according to a reviewed statement released by the Krasnodar-based food retail chain. Revenue climbed 32.7% to RUB 207.6bn (approx. USD 6.78bn), gross profit rose 50.28% to RUB 53.18bn (approx. USD 1.74bn), EBITDA went up 99.97% to RUB 20.55bn (approx. USD 670.63m), and EBITDA margin came in at 9.9%, up from 6.56% in the year-earlier period. The retailer opened 431 stores in H1, expanding its floor space 31.42% to 2.12m square meters, and operated 5,722 outlets as of June 30, 2012, including 5,268 neighborhood stores, 98 hypermarkets, 5 family stores, and 351 cosmetic shops. www.rbcnews.com