Russia's X5 posts $12 mln Q3 net profit, misses f'cast

MOSCOW Tue Nov 20, 2012 2:18am EST

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MOSCOW Nov 20 (Reuters) - Russia's biggest food retailer, X5, reported on Tuesday a third-quarter net profit of $12.1 million against a $2.1 million year-ago loss, falling short of a $31.7 million analyst forecast.

The company also said its earnings before interest, taxation, depreciation and amortisation (EBITDA) were unchanged, year-on-year, at $219.9 million, missing the $226.6 million Reuters poll forecast.

An EBITDA margin was flat at 6.1 percent, while analysts expected it at 6.2 percent.

X5, struggling with operational issues since changing its strategy last year to focus on organic expansion, last month halved its full-year sales growth forecast to 7-9 percent after releasing a weak third-quarter trading update.

Its third-quarter net sales declined to $3.617 billion from $3.623 billion in the same period of 2011, in part due to a weaker rouble versus its reporting currency, the dollar.

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