Magnit’s IFRS net profit falls 35% to 35.5 bln rbl in 2017

MOSCOW, Mar 23 (PRIME) -- The audited net profit of Russian retailer Magnit fell 34.68% on the year to 35.539 billion rubles in 2017, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement on Friday.

In January, the company posted unaudited results for 2017 under IFRS, saying that its net profit fell 34.7% on the year to 35.531 billion rubles last year.

Audited revenue of Magnit showed the same dynamics as unaudited figures and rose 6.37% to 1.143 trillion rubles.

The gross profit went up 3% to 304.643 billion rubles, while gross margin fell to 26.65% from 27.52%.

Audited earnings before interest, taxes, depreciation and amortization (EBITDA) shrank 14.86% to 91.778 billion rubles, with EBITDA margin contracting to 8.03% from 10.03%.

For further details, see the company’s statement on its official Web site:

http://ir.magnit.com/wp-content/uploads/Press-release-Audited-12M2017_23Mar2018-eng_g.pdf

(56.8391 rubles – U.S. $1)

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