X5 Retail, Russia's largest food retailer, has reported that group net loss during the third quarter of 2008 amounted to US$14.7m (€11.6m), down from a net profit of US$17.8m (€14m) in the corresponding period last year.

The loss has been attributed to the rouble's depreciation against the value of the dollar, the group said, which led to considerable exchange rate losses.

However, net profit excluding exchange rate losses increased to US$56m (€44.1m), with net sales climbing to 48 per cent to hit US$2.19bn (€1.7bn).

Gross profit for the period climbed 46 per cent to US$559m (€440.6m), the company reported, with earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed 62 per cent to US$191m (€150.5m).

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