July 7, 2011

Miratorg's pork output rises 7.2% over six months

Russian agribusiness holding company Miratorg said its pork production rose by 7.2% from January-June 2011 to 73,700 tonnes.

It said in its operational statement for the first six months of 2011 that growth was due to the Safonovsky pig farm reaching the design capacity and the commissioning of a second line at the Kalinovsky pig farm.

Sales went up 18.5%, to 146,000 tonnes, in physical terms due to increased sales of pork produced at the company's farms under its strategy of replacing imported agricultural products.

Miratorg, which is Russia's largest pork producer, said it increased its IFRS net profit 50% in 2010, to RUB3.1 billion (US$110.7 million), and revenues 7%, to RUB34.4 billion (US$1.22 million).