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Russian retailer O'Key H1 earnings rise 10 pct
August 30, 2013 / 10:17 AM / in 4 years

Russian retailer O'Key H1 earnings rise 10 pct

MOSCOW, Aug 30 (Reuters) - Russian food retailer O‘Key said on Friday its first-half net profit rose 10 percent, year-on-year, helped by new stores and better purchasing terms.

Net profit came in at 1.6 billion roubles ($48.2 million) on revenue of 65 billion roubles, up 20 percent in rouble terms, O‘Key said in a statement.

It said earnings growth was held back by higher costs related to expansion of its chain of hypermarkets and supermarkets and foreign exchange losses.

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