Despite setbacks in Russia, Swedish furniture retail giant Ikea posted a net profit of 24 billion kronor (3.6 billion dollars) last year, a Swedish daily reported Friday, according to dpa. Net profit for the financial year August 2009 to August 2010 was up 6 per cent, according to the company's annual report, which daily Dagens Nyheter said it had exclusive access to. According to the report, annual sales at the unlisted company were up 7.7 per cent to 205 billion kronor. The group made a writedown of some 6 billion kronor, mainly over its business in Russia. This included costs linked to a long-running dispute over power deliveries to two of its retail stores in St Petersburg. The matter was recently settled. Chief Executive Officer Mikael Ohlsson, who has been at the helm since September 2009, said Ikea had a new management team in place in Russia and had high hopes for the Russian market. Russia, China and Portugal were the markets where sales increased the most last year. As an unlisted company, Ikea can maintain a long-term strategy and carry out its investment programme, Ohlsson told the daily. Ohlsson said Ingvar Kamprad, who founded Ikea in 1943, now acts as a senior advisor and at times gives advice and attends board meetings. The conglomerate operates some 300 stores in over 35 countries.
