UK-listed Ukrainian dairy firm Ukrproduct reported higher first-half profits thanks to its branded products and its production of fermented beverage kvass.

Net profit more than doubled to GBP636,000 (US$1m) in the six months to the end of June. EBITDA was up 27% at GBP1.5m.

Ukrproduct said first-half revenues of GBP25.3m were “similar” to last year – when they were GBP25m – but said improved mix helped margins.

CEO Sergey Evlanchik said: “In the first half of 2012 the group focused on recovering the margins thus, whilst the sales remained in line with the previous year, the group achieved a substantial improvement in profitability. Branded dairy products accounted for the lion’s share of the group’s sales and gross profit. The newly acquired business of kvass also proved to be a success.”

Ukrproduct said it “looks to continue an improved performance” in the second half of the year through dairy and kvass. It expects skimmed milk powder prices to also recover after low prices on the world market in the first half of the year.

Shares in Ukrproduct were up 2.86% at 9p at 12:49 BST.

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