In Russia, retail group X5 has reported a significant year-on-year net profit increase of US$14m for the second quarter of 2008, up to US$74.4m, attributed to growing sales and stronger cost control.
Group revenue climbed 60 per cent to US$1.98bn during the period, with earnings before interest, taxation, depreciation and amortisation (EBITDA) growing 81 per cent to US$190.4m, Reuters revealed.
'Whilst our continual investment in price and customer loyalty resulted in increased sales volumes, our cost control policy has enabled us to enhance profitability,' said group CFO Evgeny Kornilov. 'We will maintain our focus on efficiency, and our key task for the rest of the year is to ensure smooth integration of Karusel and improvement of its operational and financial performance.'
Looking ahead, the company said that it expected full-year 2008 sales to increase by over 40 per cent, including Karusel's performance for the whole of 2008.
