Russia's Kopeyka boosts revenue 19%, net profit 410% in H1
MOSCOW. Aug 14 (Interfax) - Kopeyka-Moscow LLC, the main operating company of discounter chain Kopeyka, boosted sales revenue under Russian accounting standards (RAS) 19% to 26.8 billion rubles in the first half of 2009 from 22.45 billion rubles in the same period of 2008, the company said in a report.
Net profit grew 410% to 240 million rubles in the half from 46.7 million rubles a year earlier.
Gross profit rose 32% to 6.2 billion rubles from 4.7 billion rubles in the first half of 2008.
The company's long-term debt grew to 4.65 billion rubles in the period from 640 million rubles at the start of 2009. Short-term debt shrank to 8.4 billion rubles from 9.06 billion rubles. Kopeyka Trading House, the holding company for the Kopeyka chain, saw its long-term liabilities fall to 6.5 billion rubles from 8 billion rubles in the period. On August 19, Kopeyka will make on offer for 4 billion rubles in third-series bonds.
The Kopeyka chain, which unites more than 525 stores in 25 Russian regions, boosted consolidated sales revenue 34.6% to 47 billion rubles in 2008. Excluding non-cash write-offs, net profit totaled 1.67 billion rubles last year compared to losses of 120 million rubles in 2007. Gross profit grew 47.1% to 11.1 billion rubles. The company had net debt of 8.5 billion rubles at the end of 2008 compared to 10.5 billion rubles at the start of last year.
Uralsib owner Nikolai Tsvetkov, the chain's main shareholder, in spring 2007 consolidated 100% of Kopeyka's shares after he bought out Alexander Samonov, Sergei Lomakin and Artyom Khachatrian.