July 13, 2012

Miratorg's Q1 2012 net profit doubles

ABH Miratorg's net profit in the first quarter of 2012 was doubled at RUB 2.43 billion (US$74 million) as compared to the same period of last year, according to IFRS.

The substantial growth of this rate is stipulated by the new pig complexes going to full power.

For the reporting period, the volume of aggregated income of ABH was increased by 4% in comparison with the same period of year 2011 and was total RUB8.47 billion (US$259 million).

Earnings before interest tax, depreciation and amortisation (EBITDA) were increased in comparison with the same period of year 2011 by 81% and was total RUB3.04 billion (US$93 million).

The rate of net debt/EBITDA ratio was improved during the reporting period to 3,0 in comparison with 4,9 in the first quarter of year 2011.

"Holding maintains high rates of production and financial parameters and systematically implements the strategy of development, strengthening the status of the largest Russian manufacturer of pork and compound feed. In the third quarter of year 2012, Miratorg plans to commission a number of new facilities, including four new sites of pig complexes in Kursk region with aggregated production capacity of 26.2 tonnes of meat in live weight per year, hi-tech enterprise on semi-products processing in Kaliningrad region with production capacity of 60,000 tonnes per year as well as the third feed mill with production capacity of 360,000 tonnes and the volume of elevator one-time storage of 90,000 tonnes in Belgorod region. All the above will enable the company to strengthen its position of the largest Russian manufacturer of pork and compound feed, as well as the leading operator on the domestic food market''- Vadim Kotenko, CFO ABH Miratorg pointed it out.