April 23, 2012 / 6:20 AM / 5 years ago

Russia's Magnit Q1 net profit $158 mln, beats f'cast

MOSCOW, April 23 (Reuters) - Fast-growing Russian retailer Magnit said on Monday its first-quarter profit rose 158 percent in dollar terms compared to a year ago, beating market expectations, and reiterated its growth targets for the year as a whole.

Magnit said in a statement net profit rose to $157.7 million from $61 million in the first quarter of 2011, against an analyst average forecast of $113.7 million.

The group opened 157 stores during the first three months of 2012, increasing its selling space by more than a third year on year.

Earnings before interest, taxation, depreciation and amortisation (EBITDA) increased 105 percent to $162 million, against a $266 million average forecast, with a 9.65 percent margin.

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