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Russia's Magnit posts 22 pct fall in Q4 net profit

Reuters - UK Focus

MOSCOW, Jan 27 (Reuters) - Russia's biggest food retailer Magnit posted on Tuesday a worse-than-forecast 21.55 percent year-on-year decline in fourth-quarter earnings in dollars due to a slump in the rouble.

Magnit said net profit amounted to $284.3 million, compared to $362.4 million a year ago, below a $313.1 million Reuters poll forecast, while earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 15.9 percent to $525.4 million. (Reporting by Maria Kiselyova, editing by Elizabeth Piper)