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April 8, 2008

TURKEY: Migros profits rise on Ramenka sale

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.

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.

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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