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Ros Agro, the London-listed holding company behind Russian sugar-to-mayonnaise maker Rusagro Group, today (23 April) insisted 2013 had been a “success” despite lower profits.

Net profit fell 26% last year to RUB3.2bn (US$89.6m). Adjusted EBITDA was down 23% at RUB6.78bn.

Earnings fell in each of the group’s business segments, except meat, its smallest by sales.

However, CEO Maxim Basov said the figures were better than the owner of brands like Chaikofsky sugar and Schedroe Leto ketchup had anticipated.

Basov said Ros Agro had suffered from “external factors” including high input costs in the first half of 2013, which eased later in the year.

“2013 was a successful year for the Ros Agro group of companies,” Basov said. “Despite some difficulties experienced across all business areas, the group produced results that were better than expected. The successful efforts of the group’s management and staff in implementing our strategy have laid the foundations for growth in 2014.”

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By GlobalData

Sales grew 7% to RUB36.49bn. Revenue from meat was up 32% at RUB7.42bn. Sugar sales increased 5% to RUB17bn.