Grocer Dixy's net profit soars 340 %

Russian food retailer Dixy saw its January-June 2011 net profit skyrocket 340 percent year-on-year to 555 million rubles ($17 million) to IFRS, the firm said in a statement on Tuesday. Revenue rose 21.8 percent year-on-year in the first half of 2011 to 37.4 billion rubles, excluding the results of Victoria Group recently acquired by Dixy. Gross profit went up 29.3 percent to 9.4 billion rubles, gross margin increased to 25.1 percent from 23.7 percent. EBITDA increased by 39.4 percent to 2.5 billion rubles in the half year period. EBITDA margin grew to 6.6 percent from 5.8 percent, the firm said. Net margin increased to 1.5 percent of sales in January-June 2011 compared to 0.4 percent in January-June 2010. Net cash from operating activities rose 63.2 percent to 1.3 billion rubles in the reporting period.