April 23, 2012

Industrial Milk Company reports US$2.5 million losses in Q4

Losses of US$2.482 million have been experienced by the Industrial Milk Company in the fourth quarter of 2011, the company announced this in its quarterly report.

The consolidated revenue of Industrial Milk Company fell by 18.46% or US$3.195 million to US$14.315 million in the fourth quarter of 2011 against the same period of 2010. As Ukrainian News earlier reported, in 2010, Industrial Milk Company generated a net profit of US$14.374 million, and consolidated revenue of US$34.820 million.

In April 2011, Industrial Milk Company S.A. holding company (Luxemburg), managing company of Industrial Milk Company, raised PLN80.730 million (US$29.699 million) from floatation of its shares on the Warsaw stock exchange.

The Industrial Dairy Company engages in production of grain, fodder, oilseeds, as well as milk, meat, flour, and grain mixtures. The Industrial Dairy Company consists of enterprises for the production of animal feed, the Burat limited liability company and the Mlibor closed joint-stock company.

The Industrial Dairy Company was founded in 2007 by Oleksandr Petrov, who is the former owner of the Cheese Club Corporation.