MOSCOW. Sept 9 (Interfax) - Retail chain M.Video's IFRS net profit decreased by 38% year-on-year in the first half of 2009 to 247 million rubles from 397 million rubles in the same period of 2008, the company said in a statement.
The drop in net profit was caused by an increase in M.Video's financial expenditures.
The company's sales revenue increased by 12% to 34.036 billion rubles. Operational expenditures went up by 19% to 7.757 billion rubles while operational profit increased by 34% to 1.152 billion rubles. The company's EBITDA went up by 39% to 1.699 billion rubles. The EBITDA margin went up from 4% to 5%.
M.Video is Russia's second leading retail chain in sales revenue. The chain specializes in the sale of household appliances and electronics.
Alexander Tynkovan is the main beneficiary of the company.
At the end of 2007, M.Video held an IPO valued at $364.8 million. The company placed 52.5 million shares on the Russian stock market.
At the end of the first half of 2009, M.Video had 162 hypermarkets in operation in 67 Russian cities. The stores had a combined floorspace of around 430,000 square meters.