Strong Performance from Cherkizovo

RUSSIA - Cherkizovo Group, one of Russia’s leading integrated and diversified meat producers, saw a strong performance and improvement in margins despite the challenging economic conditions and lower consumer spending in the first six months of the year. Net income nearly doubled on a ruble currency basis, and increased by 39 per cent to $50.3 million from $36.3 million for the same six months in 2008. Adjusted EBITDA increased 52 per cent on a rouble currency basis, and 10 per cent to US $80.5 million from $73.1 million for the same six months of 2008. Adjusted EBITDA margin improved significantly to 18 per cent compared to 13 per cent in the six months of 2008. Gross profit increased by 26 per cent on a ruble currency basis, and decreased 9 per cent to $128.4 million from $140.5 million driven by ruble devaluation.... [read full story]                    

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