Ukrainian dairy producer Ukrproduct more than doubled its earnings in 2012 thanks to a Russian ban on dairy imports which led to higher milk volume availability and lower prices.

In the 12 months to the end of December, net profit reached GBP0.85m (US$1.3m), compared to GBP0.4m last year, the company reported today (17 April). EBITDA increased 68% to GBP3.2m.

CEO Sergey Evlanchik said the company was able to deliver a “strong recovery” in profitability despite the “challenging” trading environment.

“In dairy the Russian ban on imports led to higher milk volumes availability and lower prices until September 2012,” Evlanchik said. “This together with the company holding its strong market position in butter and expanding that in processed cheese provided the much improved performance.”

Revenues amounted to GBP60.2m, a 19% increase on the prior year period.