Magnit Q1-Q3 IFRS net profit up 31% at $237 mln, over forecast
MOSCOW. Oct 18 (Interfax) - The food-retailer Magnit, Russia's most extensive by number of stores, increased net profits 31.3% to $237 million in Jan-Sept as calculated to International Financial Reporting Standards (IFRS), the company reported.
This was significantly higher than the 15% rise to $208 million forecast by analysts polled by Interfax.
Magnit posted nine-month EBITDA of $437.5 million, a 25% year-on-year increase. The analysts had expected at 15.6% jump to $404.8 million. The EBITDA margin fell from 9.3% to 8.05%, Magnit expects that number to rise to at least 8.2% by year-end.
Sales revenues were up 45% at $5.43 billion.