Utinet.ru reported RUB 810.8m sales revenue in H1 2011

Utinet.ru, one of the largest Russian online retailers of IT products and consumer electronics, reported sales revenues of RUB 810.8m (€20.2m) in H1 2011, which is 3.18 times more than in the corresponding period of 2010. Net profit of the company grew by 18.1% year on year to RUB 9.4m (€0.24m) over the reviewed period. The value share of notebooks in company’s sales in H1 2011 was 67.3%.

According to Mikhail Ukolov, CEO of the retailer, the sales of Utinet.ru should increase to RUB 2.7bn (€67.5m) this year from RUB 980m registered in 2010, mainly due to growing popularity of e-commerce. This system is intended to help the customers to choose the products with no external help and as a result will increase the retailer’s conversion rate.