23 Oct 2009 13:06

Magnit sees RAS net profit in Q3 decline 7.9%

KRASNODAR. Oct 23 (Interfax) - Major Russian retail chain Magnit saw net profit according to Russian accounting standards (RAS) decline 7.88% in the third quarter year-on-year to 120.517 million rubles, down from 130.831 million rubles in the same quarter last year, the company said in a statement.

In the first half of 2009, the company posted 585.408 million rubles in RAS net profit. Therefore, net profit for January-September 2009 came to 705.925 million rubles in comparison to 85.529 million rubles in net losses for the same period of 2008.

The company's RAS results do not include the consolidated performance or revenues from its main operational subsidiaries. Consolidated IFRS profit for the first half of 2009 increased by 78% year-on-year to $117.9 million. The retailer closed 2008 with $187.92 million in net profit, which was a 92.95% increase from 2007.

OJSC Magnit manages one of Russia's leading retail chains, uniting over 3,000 supermarkets. The majority of the company's outlets are located in the Southern, Central and Volga Federal Districts.