26 Sep 2011 17:03

Sollers posts first half-yearly IFRS net profit since 2008

MOSCOW. Sept 26 (Interfax) - The Sollers automobile group has net profit of 897 million rubles to International Financial Reporting Standards (IFRS) in H1 2011, the group's spokeswoman, Zoya Kaika, told reporters.

This was the group's first net profit since 2008. Net losses were 1.138 billion rubles in H1 2010.

Sales revenue grew 50% year-on-year to 31.55 billion rubles in H1 2011, from 20.258 billion rubles in the same period of last year.

Earnings before taxes, depreciation and amortization (EBITDA) soared 4.3-fold to 2.863 billion rubles. The EBITDA margin grew to 9.1% from 3.3%.

Sollers has operating profit of 1.997 billion rubles in H1 2011, compared with losses of 298 million rubles a year previously.