Russian juice and dairy company Wimm-bill-Dann Foods has announced increased sales for the first quarter ended 31 March 2005, but currency fluctuations meant a net loss.
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During the first three months of 2005, Wimm-Bill-Dann’s sales rose to $325.7m, compared to $278.3m. Operating income increased from $7.6m to $9.6m.
Net income decreased to $2.9m in the first quarter of 2005 from US$5.3m in the first quarter of 2004.
“Traditionally, the first quarter is the most challenging one throughout the year,” said CEO Sergei Plastinin. “Despite this, our sales continued to demonstrate stable growth: our dairy sales were up 18.4% largely due to regional expansion, the launch of new innovative products and the strengthening of the already existing product range.”
“Our operating income grew 26.3%, while our net income decreased mainly as a result of substantial decline in foreign currency translation gain as compared to the first quarter of 2004 due to the change in the exchange rate dynamics,” he said.
