RUSSIA: X5 profits up under IRFS
Russian grocer X5 Retail Group has posted improved 2007 results after the numbers were audited under IFRS guidelines.
The company, Russia's largest food retailer by sales, today (17 April) booked net profit of US$144m, a rise of 41% on the year.
When X5 published its unaudited figures in February, net profit was $141m, an increase of 38%.
Net sales stayed the same, soaring 53% to $5.3bn, thanks in part to contributions from local retailers acquired last year.
CFO Evgeny Kornilov said: "These results provide a solid foundation for the implementation of our ambitious expansion program throughout 2008 and beyond."
X5 was formed in 2006 after the merger of soft discounter Pyaterochka and supermarket chain Perekrestok.
In January, X5 became Russia's first retailer to be named as one of the world's largest 250 retailers, according to a report by Deloitte Touche.
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