RUSSIA: Weak rouble weighs on Wimm-Bill-Dann H1

4 September 2009 | Source: just-food.com

Wimm-Bill-Dann Foods, Russia's largest dairy processor, has booked a jump in second-quarter earnings, although a weak rouble weighed on half-year profits.

The company today (4 September) posted a 42.6% rise in second-quarter net income to US$52.3m.

First-half net income, however, slid 17.4% to $64.9m, due to the weakness of the Russian rouble. On a constant-currency basis, first-half net income was up 12.3%.

The fall in revenues slowed during the second quarter when sales dropped 27% to $554.6m. The decrease in sales, the company said, thanks to the depreciation of the rouble. Half-year revenues fell 28.2% to $1.07bn.

However, Wimm-Bill-Dann's saw some improvement in profits at an operating level. Operating income dipped 1.9% during the second quarter to $61.4m. Over the first half, operating income was down 11.3% to $111.8m.

For the full results release click here or check back later for further comment from WBD's conference call with analysts.