X5 Retail Group posts third quarter loss/halves 2009 capex

X5 Retail Group has this morning reported a net loss of USD14.7 million for the third quarter of 2008, forecasting a slowdown in sales growth. X5 said it expected sales to grow by more than 25% in 2009 after 40% this year with capital expenditure of up to USD500 million compared with about USD1 billion earmarked for 2008. "The company plans to continue to add selling space in 2009, but will apply a conservative approach towards new project approvals and investments," X5 said in a statement. The third quarter loss was driven by a foreign exchange loss of USD85 million, resulting from revaluation of a USD1.1 billion syndicated loan. Adjusted net profit, excluding revaluation effects, increased 192% year-on-year to USD55.9 million. Third quarter sales rose 48% to USD2.19 billion, including the Karusel chain on a pro-forma basis, while like-for-like sales were up 21% on the same basis. Earnings before interest, taxation, depreciation and amortisation (EBITDA) jumped 62% to USD190.5 million.

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