June 18, 2008

Russia's Razgulay grain company reports 33-percent hike in net profit

Razgulay lifted its net profit by 33 percent in 2007 to RUB1.2 billion, the company said on Tuesday (June 17, 2008).

The company added that revenue rose 35 percent in 2007 to RUB31 billion.

Earnings before interest, taxation, depreciation and amortisation (EBITDA) rose 46 percent to RUB4.7 billion.

Razgulay, a major grain processor and exporter from Russia, said higher grain prices had been the main driver of growth.

The company ended 2007 with net debt of RUB11.3 billion against with RUB10.5 billion at the end of 2006.

Razgulay's Moscow-traded stock was up 2.5 percent at RUB189.8 by 0745 GMT and has risen over 15 percent since the beginning of this year.

US$1 = RUB23.67 as of June 18, 2008