Russian food firm Ros Agro which has interests in sugar and meat has posted an increase in net profits for the first half of 2014.

For the period ended 30 June Ros Agro reported net profit of RUR6bn (US$172m), compared with a loss during the same period last year after being hit by high input costs.

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Operating profits also rose to RUR6bn compared with a loss for the same period last year of RUR254m.

Sales jumped 86% to RUR27bn.

For the second quarter of the year net profit rose to RUR3.7bn compared with RUR295m for the same period a year earlier. Operating profit recorded at RUR3bn compared with RUR142m last year and sales were up 96% to RUR16bn.

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“The company continued to show very good financial performance based on good pricing environment and increasing production,” said CEO Maxim Basov. “All business units are growing and improving performance. We look into future with optimism.”

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