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    Magnit Q1 Net Profit Soars 167% to $158 Mln

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    Russian grocery store chain Magnit saw first quarter 2012 unaudited net profit skyrocket 167 percent year-on-year to 4.772 billion rubles ($157.6 million) to IFRS, the company said in a statement on Monday.

    Russian grocery store chain Magnit saw first quarter 2012 unaudited net profit skyrocket 167 percent year-on-year to 4.772 billion rubles ($157.6 million) to IFRS, the company said in a statement on Monday.

    The company's ruble revenues rose 34 percent in January-March 2012 to 100.618 billion rubles, while in U.S. dollar terms revenue grew 30 percent to $3.325 billion.

    EBITDA jumped 105 percent to 9.710 billion rubles, while EBITDA margin went up from 6.32 percent to 9.65 percent.

    "In the second quarter of this year we have started to invest in price attractiveness of our stores more actively," Magnit CEO Sergei Galitskiy was quoted in the statement as saying "At this stage we reiterate our guidance of sales and efficiency growth for 2012 and will be ready to update them at the end of the first half of the year."

    Magnit added 98 convenience stores, three hypermarkets and 56 cosmetics stores to its chain in the first quarter of this year. The total store base reached 5,466 stores as of March 31, 2012.

     

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