Russian meat producer Cherkizovo has posted higher profits for the first quarter of 2014.

The firm said the market environment worked in its favour throughout the quarter, with stable grain prices and an increase in poultry meat and pork prices.

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Net profit reached US$25m versus a loss of US$6m for the same period last year.

Operating income was also up to US$34.7m from US$5.8m for the same period last year.

Sales dropped 2% to US$376.6m due to the weakening of the Russian rouble against the dollar, Cherkizovo’s reporting currency.

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Cherkizovo GDRs listed in London were up 0.61% today (28 May) at $11.60 at 12:52 BST.

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