Russian meat processor Cherkizovo has reported an increase in profits for the first quarter but said its results were affected by seasonal factors and a “tighter” pricing environment.
Net income for the quarter ended 31 March increased 17% to reach US$31m.
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Revenues rose 14% on a rouble currency basis, and increased 29% to $268m in the quarter.
Adjusted EBITDA for the three-month period was up 13% on a rouble currency basis, and 28% to $48.1m.
The firm said it will now move to quarterly financial reporting in a bid to “improve transparency and corporate governance” in the group.
“For the current year we remain broadly positive on Russian consumption, and we expect the pricing environment to improve towards the second half of the year, remaining broadly favourable thereafter,” the company said.
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