Russian retailer O'Key posts 5 pct rise in H1 earnings

MOSCOW Thu Aug 21, 2014 6:02am EDT

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MOSCOW Aug 21 (Reuters) - Russian food retailer O'Key said on Thursday its first-half net profit rose 5 percent, year-on-year, to 1.7 billion roubles ($46.8 million).

Net earnings growth was held back by higher finance costs, income tax, and other expenses, while gross profit increased 18 percent to 17.5 billion roubles, helped by improved purchasing conditions, O'Key said in a statement.

(1 US dollar = 36.3280 Russian rouble) (Reporting by Maria Kiselyova; Editing by Polina Devitt)