Mixed Fortunes for Poultry Companies

RUSSIA - While one poultry company reported a 30 per cent drop in net profit, another announced its profit were up by a factor of three.
calendar icon 18 November 2008
clock icon 2 minute read

Meat Russia reports that the net profit of the Severnaya poultry plant was down by 30.3 per cent to 153 million rubles (ROB) for the first nine months of this year.

Under Russian Accounting Standards, the net profit for the period was RUB 153,210,000. A company report says that revenue increased by 27.62% up to RUB 2.375 billion for January–September.

Severnaya was constructed in 1986, and privatised in 1992. In 1997, the company's controlling interest was acquired by Dutch Agro-Invest Brinky of the Netherlands, which also owns the Lomonosovskaya and Voyskovitsy poultry plants in the Leningrad region.

More positive news came from Varaksino poultry plant, which is controlled by Komos Group of Udmurtia. Its net profit increased three-fold up to RUB 58.929 million for January-September 2008. This compares with RUB 19.477 million for the same period in 2007, according to the plant's report.

The plant increased its revenue by 41.7 per cent - up to RUB 644.902 million, while gross profit grew 3.1-fold up to RUB 131.689 million. Pre-tax profit was also up three-fold to RUB 59.367 million.

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