Fast-growing Russian food retailer Magnit reported on Monday a 42-percent rise in net profit for the third quarter, beating market expectations, as it continued to win better purchasing terms from suppliers.
The company, however, trimmed its full-year revenue growth outlook to 28-29 percent from the prthxeviously expected 29-30 percent, citing a slowdown in the rate of inflation compared to the previous year.
Magnit, already Russia's biggest food retailer by revenue, said its third-quarter net profit rose to $283 million from $199 million a year ago. Analysts, poll by Reuters last week, forecast net profit of $259 million.
The company also beat forecasts for core profit margin as its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose as a percentage of revenues to 11.6 percent from 10.9 percent the year earlier, while analysts forecast it at 11.1 percent.
