Russia's Magnit Q2 net profit rises 34 pct

MOSCOW, July 23 Wed Jul 23, 2014 2:14am EDT

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MOSCOW, July 23 (Reuters) - Russia's biggest food retailer Magnit said on Wednesday its second-quarter net income rose 34 percent, year-on-year, beating forecasts.

Net profit rose to $356.3 million compared with $265 million a year ago, Magnit said in a statement. Analysts had forecast a $310 million profit.

Earnings before interest taxation, depreciation and amortisation (EBITDA) rose 27 percent to $619 million, beating an average forecast of $567.2 million.

Its EBITDA margin rose to 11.7 percent from 10.9 percent the year earlier, while analysts had predicted 10.7 percent. (Reporting by Megan Davies and Maria Kiselyova; editing by Vladimir Soldatkin)