Moscow, Aug 26 - Russia's largest food retail chain Magnit said on Tuesday its net profit rose to $65.9 million in the first half of 2008 from $37.6 million a year ago, slightly above expectations.
The company said in a statement revenue rose 50.8 percent to $2.47 billion, while earnings before interest, taxation, depreciation and amortisation (EBITDA) were up 90.2 percent at $157.6 million.
Gross profit rose to $515.1 million from $308.4 million in the same period of 2007, and gross margin improved to 20.9 percent from 18.8 percent.
Analysts polled by Reuters had forecast net profit of $63.8 million, sales of $2.46 billion, EBITDA of $152.1 million, gross profit of $510.2 million and gross margin of 20.7 percent.