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Cherkizovo profits soar on strong poultry and pork sales

by 5m Editor
1 October 2007, at 9:53am

RUSSIA - Cherkizovo Group Plc has said that first half net profit reached 21.0 mln usd. It's up almost six-fold from 3.7 mln in the year-earlier period, thanks to strong organic growth in the poultry and pork divisions and improved margins at its meat processing operations.

First half sales climbed 21 per cent to 343.1 mln usd from 282.7 mln.

On 28 August 2007, Cherkizovo also completed the acquisition of Chicken Kingdom, meaning that it is now Russia's largest poultry producer.

"The seasonal nature of the business means that performance in the second half of the year will exceed our achievements in the first half," chief executive Sergey Mikhailov said in a statement.

Source: Forbes

5m Editor