30th Oct 2008 07:00
Press-release
Krasnodar
October 30, 2008
OJSC "Magnit" announces net profit increase*
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Fact (facts) resulted in one-off increase of net profit or net loss of the issuer by more than 10 percent: As of 2 quarter 2008 net loss amounted to 211 623 thousand rubles. As of 3 quarter 2008 net profit amounted to 130 831 thousand rubles. Change of the financial result in the third quarter 2008 compared with the second quarter 2008 was due to absence of expenses on services in connection with the offering of OJSC "Magnit" shares that took place in the 2 quarter 2008 on the stock markets and increase of investment income. |
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Date of the fact (facts) resulted in one-off increase of net profit or net loss of the issuer by more than 10 percent: October 29, 2008. |
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Net profit (net loss) amount of the issuer for the reporting period (quarter, year) preceding the reporting period when the corresponding fact (facts) occurred: Net loss of open joint-stock company "Magnit" as of 2 quarter 2008 amounted to 211 623 thousand rubles. |
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Net profit (net loss) of the issuer for the reporting period (quarter, year) when the corresponding fact (facts) occurred: Net profit of open joint-stock company "Magnit" as of 3 quarter 2008 amounted to 130 831 thousand rubles. |
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Change of net profit (net loss) of the issuer in absolute and percent terms: Absolute change of net profit of the Issuer amounted to 342 454 thousand rubles. Relative change of net profit of the Issuer amounted to 161.8 %. |
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For calculation purposes net profit (net loss) "for the reporting period" (quarter, year) for the first reporting period is equal to the amount of "net profit" (not allocated profit (loss) of the reporting period" in the Profit and Loss Statement (form № 2 of the accountants' report), and for the next reporting periods correspondingly - difference between amounts reflected in :Net profit (not allocated profit (loss) of the reporting period in the Profit and Loss Statement (form № 2 of the accountants' report) for the reporting and the previous periods. |
* The figures are counted according to the OJSC "Magnit" report which is made up under RAS, are disclosed according to the Russian legislation and do not characterize the operation of the whole group of "Magnit" companies.
For further information, please contact:
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Oleg Goncharov |
Director, Investor Relations e-mail: [email protected] tel. in Krasnodar +7 (861) 277-45-54, 210-98-10 ext. 5100 Mob.: +7 (903) 411-40 -35 Direct line for investors only: +7 (861) 277-45-62 |
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Dina Chistyak |
Manager, Investor Relations e-mail: [email protected] tel. in Krasnodar +7 (861) 277-45-54, 210-98-10 ext. 5101 Mob.: +7-961-511-02-02 Direct line for investors only: +7 (861) 277-45-62 |
Company description:
Based in Krasnodar, in the Southern region of Russia, Open Joint Stock Company "Magnit" is a holding company for a group of entities that operate in the retail trade under the "Magnit" name. The chain of "Magnit" stores is one of the leading operators in the Russian food retail market. As of September 30, 2008 the chain consisted of 2,394 convenience stores and 11 hypermarkets in 796 locations in the Russian Federation.
Approximately two-thirds of the Company's stores are located in cities with a population of less than 500 thousand. Most of its stores are located within the Southern, Central and Volga regions. The Company also operates stores in the North-Western and Urals regions.
As of September 30, 2008 the Company operated an in-house logistics system consisting of 8 distribution centers, employing automated stock replenishment systems and a fleet of 1,133 vehicles.
In accordance with the audited IFRS consolidated financial statements for 9M 2008, the Company posted consolidated revenues of approximately US$ 3,881 million and a consolidated EBITDA of around US$ 265 million.
Related Shares:
MGNT.L