First-half net profits at Russian supermarket chain Seventh Continent have risen by 46%.

Net profits in accordance with International Financial Reporting Standards came in at US$31.8m, compared with $21.8m in the first six months of 2005.

Turnover rose by 37% to $450.6m, while EBITDA (earnings before interest, taxes, depreciation and amortisation) climbed 68% to $53.8m, the company said in a statement.

Seventh Continent opened nine stores in the period under review to bring its overall portfolio to 120 stores, mainly in Moscow, northwest Russia and Kaliningrad. The company operates 117 supermarkets and three hypermarkets and is Moscow’s largest retail chain.

7K Invest-Holding, which is controlled by Russian businessmen Alexander Zanadvorov and Vladimir Gruzdev, holds a 75% stake in Seventh Continent, while the remaining 25% is held by small shareholders.