Russian meat processor Cherkizovo said it saw a “strong” performance across all its segments in the first quarter of 2010, boosted by higher demand for its products.
In the firm’s poultry division, sales volumes increased 6%. Prices for Cherkizovo poultry sales increased by 9% in dollar terms.
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Sales volumes in pork increased by 79% as production at new farms neared targeted levels. Prices rose 6% in dollar terms.
The firm’s meat processing division saw a “strong” recovery and pick-up of demand for the division’s products in the quarter as sales volumes increased by around 9%. Division prices in dollar terms increased by 16%.
CEO Sergey Mikhailov said: “In the poultry division, we have started to see returns from the large-scale capacity increase projects we commenced last year. In line with our expectations, our pork division has achieved impressive growth reflecting the completion of the investment cycle and the division now being in a volume growth phase. In our meat processing division, for the first time in recent years, we saw a significant recovery in volumes as demand for meat products started to improve.”
For the full trading update from Cherkizovo, click here.
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