Russia's Magnit says 2012 net income up 92 pct

MOSCOW Tue Jan 22, 2013 2:22am EST

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MOSCOW Jan 22 (Reuters) - Fast-growing Russian retailer Magnit reported on Tuesday a 92 percent increase in net profit for the whole of 2012 helped by chain expansion and cost control.

Net profit came in at $803.9 million, the company said in a preliminary results statement based on management accounts, up from $418.7 million in 2011.

Fourth-quarter net income reached $264 million, according to Reuters calculations, above a $218.8 million average analyst forecast in a Reuters poll.

Its full-year earnings before interest, taxation, depreciation and amortisation (EBITDA) increased to $1.5 billion from $939.3 million for a 10.56 percent margin compared to 8.22 percent in 2011.

The company earlier reported a 33.6 percent rise in last year's revenues in rouble terms, beating its forecasts, as it opened over 1,500 stores during the year.