Russian meat processor Cherkizovo has reported a jump in first-half earnings as profits from each of its three businesses increased.
Net income was up 56% to RUB2.95bn (US$94.4m) for the period to the end of June. Operating income increased 52% to RUB3.3bn.
Earnings from poultry, pork and meat processing all increased. Profits from poultry doubled. In meat processing, Cherkizovo’s second-largest unit, earnings jumped by 50% despite lower volumes as the company focused on “value-added” products like smoked sausage. Pork profits were boosted by higher sales.
Group sales increased 16% to RUB23bn. Shares in Cherkizovo were up 2.82% at 11.68p at 11:07 BST this morning.