Concern Kalina, the Russian cosmetics giant, published a consolidated financial report on the bank’s activity in the first half of 2008. The report was drawn up in accordance with the international financial reporting standards (IFRS) and stated that the company’s revenues and gross profit dropped by 21.42% and 30.9%, respectively, compared with the first half of 2007. At the same time, Kalina’s net profit decreased by 2.2% against a year earlier, dropping from $13.8m in January-June 2007 to $13.5m in January-June 2008.