RUSSIA: Raw milk prices hit Wimm-Bill-Dann profits
Wimm-Bill-Dann booked a drop in profits in the first nine months of the year
Russian dairy, baby food and juice manufacturer Wimm-Bill-Dann booked a drop in profits in the first nine months of the year due to pressure from raw milk costs in the third quarter.
For the nine months to the end of September, WBD's net profit slid 15.2% to US$92.7m. The company, which is set to be taken over by PepsiCo, saw its operating profit drop 12.9% to $154.2m.
Sales, however, climbed 18.8% to reach $1.89bn, driven primarily by "strong volume growth across all business segments".
"Our strong sales growth and stable bottom line, despite record raw milk prices, are a testament to our ability to adjust our sales mix, the power of our brands and the strength of relationships with our suppliers, our customers and our consumers," said Tony Maher, Wimm-Bill-Dann CEO.
In the third quarter, net profits fell to $92.7m from $109.4m a year earlier. Operating profit slid 25.8% to $48.4m.
Sales, meanwhile, for the three-month period rose 22.3% to $640.9m.
Click here to view the full earnings release.
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