Cherkizovo booked higher volumes across its divisions during the first nine months of the year, although the Russian meat processor revealed pricing has also come under pressure.
In a trading update, the group revealed poultry volumes were up 7% on the year, pork volumes gained 59% and processed meat volumes rose 6% in the period.
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However, pricing came under pressure in the period, the company revealed. Pork prices fell 23% – although the company emphasised prices rebounded somewhat in the third quarter, rising 15% from second-quarter levels. Poultry and processed meat prices were largely flat, with poultry up 1% and processed meat slightly down.
In the face of a challenging year – with high grain prices hitting profitability and pressure on pricing – Cherkizovo is mulling diversification and has indicated it is considering expanding in dairy and lamb production.
Click here for the full statement from Cherkizovo.
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