MOSCOW, April 17 (RIA Novosti) - X5 Retail Group [LSE: FIVE], Russia's largest food retailer, said on Thursday its net profit calculated to International Financial Reporting Standards grew 41% year-on-year in 2007 to $144 million.
The group, which operates the Pyatyorochka and Perekryostok retail food chains in Russia, said its revenue in the reporting period climbed 53% to $5.32 billion, gross profit went up 51% to $1.4 billion, and EBITDA (earnings before interest, taxes, depreciation and amortization) grew 62% to $479 million.
"Our strong operational performance in 2007, supported by rigorous working capital management, resulted in healthy cash flow generation, enabling the company to finance almost half of its capital expenditure program from its own resources. These results also provide a solid foundation for the implementation of our ambitious expansion program through 2008 and beyond," X5 Chief Financial Officer Evgeny Kornilov said.
