* Net profit $10.1 million vs $3.1 million a year ago
* Profit halved from $20 million by forex loss
* Revenues up 45.5 percent to $1.44 bln
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MOSCOW, Dec 11 (Reuters) - Russian discount food retailer Dixy Group said on Thursday its net profit tripled in the first nine months of the year, helped by sales growth and improved operational efficiency.
Net profit, to International Financial Reporting Standards, amounted to $10.095 million against $3.054 million for the same period of 2007, Dixy said in a statement.
"During nine months of 2008 our company demonstrated a robust sales growth and increased efficiency across all business functions, which contributed to a significant growth in profitability," Dixy Group President Vitaly Klyuchnikov said.
Dixy also said net profit reached $20 million when adjusted to exclude foreign exchange losses which occurred when a depreciating rouble increased its dollar-denominated debt servicing costs.
Revenues rose 45.5 percent year on year to $1.44 billion from $988.99 million in the same period of 2007. Gross profit jumped 53.8 percent to $359 million for a gross margin of 25 percent, up from 23.6 percent a year ago.
Earnings before interest, taxation, depreciation and amortisation (EBITDA) reached $78.63 million, up 92.7 percent year on year, and the EBITDA margin came in at 5.5 percent compared to 4.1 percent in January-September of last year.
In roubles, nine-month net profit rose 207 percent to 242.75 million roubles, sales by 35 percent to 34.59 billion roubles, EBITDA by 79 percent to 1.89 billion roubles and gross profit by 43 percent to 8.63 billion roubles.
Selling, general and administrative expenses rose 36 percent to 7.55 billion roubles, accounting for 21.8 percent of sales. At the end of September, Dixy's net debt was $287 million, 81 percent of which is long-term.
Dixy is controlled by Igor Kesayev through his Mercury holding company, which owns 51 percent. As of Dec. 10, the group operated 462 stores. (Reporting by Maria Kiselyova; Editing by Jon Loades-Carter)