Russian retail chain Seventh Continent has posted a 43.5% increase in net profits for fiscal 2006.

Profits rose to US$67.6m on the back of strong growth in revenues, the group revealed today (3 May).

Earnings rose by 34.4% to $957.7m, boosted by store openings which drove increased sales. Gross profits lifted 30% to $297.9m while EBITDA climbed 39.1% to $103.9m.