Turkish retail group Migros has posted profits of TRY552.9m (US$428.34m) for the 2007 fiscal year, an increase of more than seven times the profit reported for the previous year.

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Profits were boosted by the group’s sale of its stake in Russian retail firm Ramenka to Enka Insaat for US$542.5m.


In a statement to the Turkish stock exchange yesterday (7 April), the company reported a 12% rise in sales, which climbed to TRY4.79bn. Gross operating profit was up 10% to 1.19bn.


Migros was bought from KOC Holding by private equity group BC Partners last year for a total of TRY1.98bn.

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