Miratorg Results Buoyed up by Pig Expansion

by 5m Editor
21 June 2011, at 8:57am

RUSSIA - Pig and beef producer, ABH Miratorg, increased its revenue by 28 per cent in the first quarter of 2011.

According to IFRS, net profit of ABH Miratorg in the first quarter of 2011 was increased by 7.3 per cent compared with the same period in 2010 and amount to RUB800 million. The increase in income was attributed to the expansion of production capacities and growth of sales in the pig breeding segment.

The quantities of consolidated income increased by 27.9 per cent and was RUB8.2 billion during the period. Operational income increased by 12 per cent to RUB1.7 billion compared to the same period last year. The EBITDA index equalled RUB1.3 billion and profitability according to EBITDA was 15.87 per cent.

The Company's CFO Vadim Kotenko, commented: "In spite of unfavourable climate conditions (for agriculture) in 2010, which seriously affected financial results of the first quarter of this year, Miratorg continues producing good results, persisting to be No. 1 among the Russian pork producers.

"In the second quarter, we plan to substantially improve the EBITDA indexes as well as profitability according to EBITDA by way of approaching full production capacities of two new pig complexes, which were started up in the beginning of 2011," Mr Kotenko said.