May 18, 2011

Milkiland's net profit increases

Net profit of the agroholding Milkiland N.V., together with its assets in Ukraine, rose by 41% to EUR4.926 million (US$7.03 million) in the first quarter of 2011 in contrast to the same period last year, according to the company's statement posted on the site of the Warsaw Stock Exchange.

The company's revenues rose 15% to EUR63.657 million (US$90.9 million), operating revenue by 5.7% to EUR6.919 million (US$9.88 million).

Total assets of Milkiland amounted to EUR250.953 million (US$358.24 million), which is 26.6% up over the previous year.

Last year's net profit increased by 2.6 times up to EUR21.9 million (US$31.26 million).

Milkiland owns shares in Ostankino Dairy Plant (Russia) and 100% in the Milkiland-Ukraine subsidiary, which includes 10 processing plants and four farms.