October 5, 2009
Russia's Cherkizovo H1 net profit up 38 percent to US$50.3 million
Russian meat producer OAO Cherkizovo Monday (October 5) said net profit for the first six months of 2009 rose 39 percent due high poultry prices and depreciation of the ruble against the dollar.
London-listed Cherkizovo said net profit totaled US$50.3 million from US$36.3 million a year earlier. Sales fell 17 percent to US$459.3 million as pork sales continued to rise.
"While we anticipate the pricing environment to remain largely favourable for Cherkizovo's products in the second half of the year, we will continue to see some pressure on consumer consumption," said Chief Executive Sergey Mikhailov.
