Discount food retailer Dixy Group revealed that net losses last year were RUB324m (£6.6m) compared with a RUB429m (£8.7m) profit in 2007.

The losses were mainly due to foreign exchange losses following the rouble’s decline against the dollar-denominated debt in its credit portfolio, amounting to RUB1.07bn (£21.7m).

It was also hit by RUB219m (£4.4m) in income tax including a deferred tax asset.

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