In Russia, food retail chain Magnit has reported that net profit hit €44.6m for the first half of 2008, a €19.1m improvement on last year's total of €25.5m.

According to a group statement, revenue increased 50.8 per cent to €1.67bn, while earnings before interest, taxation, depreciation and amortisation (EDITDA) jumped 90.2 per cent to €106.8m.

Magnit's gross profit for the first-half period increased to €349m from €209m in 2007, with the group's gross margin improving to 20.9 per cent from 18.8 per cent last year.

According to Reuters, analysts had forecast a net profit of €43.2m, sales of €1.6bn, EBITDA of €103m, gross profit of €345.7m and gross margin of 20.7 per cent, with results better than all estimates.

Topics