August 2, 2008

Russia's Mikoyan meat plant suffers sharp plunge in profit for H1 2008

Russia's Mikoyan Meat Plant saw its net profit plunge almost 75 percent to 10.777 million rubles (US$426,000) in the first half of 2008 from 40.7 million rubles (US$1.7 million ) in the same period of 2007, the company said in a statement.

The plant increased sales revenue 5.9 percent to 10.2 billion rubles (US$434 million) in 2007, while net profit rose to 204.3 million rubles (US$8.7 million) from 44.4 million rubles (US$1.9 million). The plant sold 108,300 tonnes of products in 2007, down 4 percent from 2006.

The Mikoyan meat plant is 90-percent owned by Exima.

Moscow-based Exima is a multi-profile agriculture company. It includes four meat processing plants, a trading house and various agriculture companies in the Moscow, Kaluga and Vladimir regions. Exima plans to invest 9 billion rubles (US$383.5 million ) in the development of hog production before 2015.