Grocery chain Sedmoi Kontinent posted net profit to International Accounting Standards (IAS) of $27.3m in 2004, according to the Interfax news agency, which cited a company press release.

Company revenue not including VAT was $496m in 2004, up 45% from 2003.
Net profit was $8.6m in 2003.

The figures are based on an exchange rate on 31 December 2004 of 28.815 rubles/$1.

Sedmoi Kontinent opened 31 new stores in 2004; four in the 'Pyat' Zvyozd' format, six in the 'Universam' format and 21 in the 'Sem' Shagov' format, the release said. The company had 77 stores as of 1 January 2005.

"The company completely fulfilled its earlier-announced plans and even exceeded the planned figures in 2004," said general director Galina Ilyashenko. "The company expects to increase revenue by at least 50% and open more than 20 stores in 2005," Ilyashenko said.