Cherkizovo Meat Q3 Net Profit Soars 64% to $62.8 Mln

MOSCOW, November 28 (RIA Novosti) – Cherkizovo Group, one of Russia’s leading meat producers, saw 2012 third-quarter net profit grow 64 percent year-on-year to $62.8 million under US GAAP, the company said in a statement on Wednesday.

Cherkizovo’s net profit was above a consensus forecast of analysts polled by RIA Novosti of $56.6 million, with third-quarter revenues increasing 3 percent to $394.5 million and adjusted EBITDA growing 26 percent to $90.3 million.

Cherkizovo’s net profit for the first nine months of the year grew by 51 percent year on year to $158.7 million, revenues increased by 6 percent to $1.145 billion and adjusted EBITDA rose by 34 percent to $239.1 million.

“I am pleased to be announcing good nine months results, with a strong third quarter performance. It is pleasing to see our nine months revenues pass the one billion dollar mark, as active management and a supportive trading environment combined to produce solid growth,” Cherkizovo CEO Sergei Mikhailov said in a statement.

“We have improved profitability in the poultry and meat processing segments and invested in our pork segment to provide long term, sustainable growth beyond 2013.”

The company’s net debt amounted to $822.4 million in the first nine months of this year. The effective cost of the debt decreased to 2.1 percent from 2.3 percent for the nine months of 2011.


Leave a comment