M.Video net profit declines 38%

Russia-based M.Video posted a RU783 million (USD24.6 million) net profit in 2009 under International Financial Reporting Standards (IFRS), a decline of 38% compared with 2008. Gross profit rose 2.7% to RUB18.36 billion (USD577 million). Revenue was up 1.4% to RUB72.5 billion (USD2.2 billion).