Sedmoi Kontinent earnings down 29% in 2010
MOSCOW. June 8 (Interfax) - Sedmoi Kontinent (Seventh Continent) posted a net profit of 850 million rubles in 2010 under International Financial Reporting Standards (IFRS), down from 1.19 billion rubles in 2009, according to the company earnings report published on Wednesday.
Excluding the profit attributable to minority interests, the profit was 831 million rubles in 2010 compared with 1.15 billion rubles in 2009.
Net sales rose 3.8% to 46.3 billion rubles in 2010 compared with 44.6 billion rubles in 2009. Net cash flow from operations declined to 2.98 billion rubles from 3.9 billion rubles.
Liabilities more than doubled to 38.99 billion rubles from 18.85 billion rubles, including 18.47 billion rubles in short-term liabilities, up from 14.38 billion rubles, and 20.5 billion rubles in long-term liabilities, up from 4.47 billion rubles.
Sedmoi Kontinent has 145 stores, including 134 supermarkets and 11 Nash hypermarkets, with 186,100 square meters of floor space. It opened eight stores last year, including two hypermarkets.
Alexander Zanadvorov reportedly owns about 96% of shares.
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