M.Video H1 Net Profit Soars 58% to $37.6 Mln

M.Video, one of Russia’s top electronics and household appliances retailers, saw 2012 first half net profit jump 58 percent year-on-year to 1.208 billion rubles ($37.6 million) to IFRS, the firm said on Wednesday.

The company’s first half net profit was below a consensus forecast of analysts polled by RIA Novosti of 1.57 billion rubles ($48.9 million).

M.Video’s revenue rose 26 percent in January-June 2012 to 58.59 billion rubles owing to the opening of the new stores and increased like-for-like stores sales of 16.3 percent and internet sales growth of 71 percent in the reporting period. The company’s EBITDA increased 32 percent to 2.517 billion rubles.

“We again achieved great sales results and managed to obtain higher efficiency of operations reaching significant growth of our profitability. We are also pleased to reiterate our ambitious expansion targets for this year and to continue with our regional-based internet sites opening as well as at least 35 new retail stores by the year end 2012,” M.Video President Alexander Tynkovan was quoted as saying.


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