Kesko Corporation of Finland issued a senior unsecured bond of €250 million for general corporate purposes, carrying a fixed annual interest rate of 2.75 percent and maturing on Sept. 11, 2018. The significantly oversubscribed bond issue was allocated to 87 investors. The ramp-up of the Russian Intersport operation, which Kesko took over completely last April, contributed to raising operating losses at the group's home and specialty goods trade division to €13.5 million on sales of €721 million for the first six months of 2012 from €4.6 million in the same period a year ago, and the damage is expected to continue. Intersport Russia generated revenues of €14 million during the period, opening a new store and closing another one. Intersport Finland had 7.5 percent higher revenues of €80 million, but that was partly due to the opening of three new stores. Overall, Kesko raised its sales by 4.4 percent to €4,778 million in the first half, but pre-tax profit fell to €84.8 million from €120.1 million in the year-ago period.

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