Euroset posts 1H 2010 net profit of 1.9 billion roubles

Euroset, Russia’s biggest mobile phone retailer, has posted a 1H 2010 net profit of 1.9 billion roubles under IFRS.

The bottom line is a sharp turnaround from the net loss of 2.9 billion roubles posted for the same period in 2009, with 1H 2010 EBITDA also skyrocketing to 3.5 billion roubles from 86.6 million roubles a year ago, on the back of net consolidated revenues going up to 27.6 billion roubles from 24.4 billion roubles in 1H 2009.

Dmitry Milshtein, a financial director at Euroset, was upbeat about the results and attributed the Company’s solid financials to its correctly chosen business model.

“We confirm stable dynamics of the company’s efficiency growth each period, thus showing that our financial model of business development is successful.”