Magnit RAS net profits drop 58% in 2010
MOSCOW. March 25 (Interfax) - Russian retail chain Magnit (RTS:MGNT), a leader on the country's market by number of stores, posted net profits of 598.2 million rubles as calculated to Russian Accounting Standards (RAS) last year, a 58% drop from the 1.4 billion rubles it made in 2009, a company statement says.
This net-profit drop was attributable to the fact that the company received dividends from subsidiary company CJSC Tander in 2009, income that was missing last year, Magnit said.
Krasnodar-based OJSC Magnit is the holding company for a group of retail outfits that operate under the Magnit brand. The Magnit store chain is one of the leading food retail networks in Russia. As of December 31, 2010, the chain encompassed 4,002 convenience stores, 51 hypermarkets and 2 cosmetics stores (drogerie). Sergei Galitsky is the main owner, general director, and founder of Magnit, whose GDR trade on the London Stock Exchange.
The retailer posted net profits to International Financial Reporting Standards (IFRS) last year of $333.7 million (up 21.3% from 2009), sales revenues of $7.77 billion (up 45.2%), and EBITDA of $631.5 million (up 24%).