Cherkizovo Group posts 66% jump in Net Income 1H 2008

Leading Russian Meat producer, Cherkizovo group, has posted a Net income of $36.3 million under U.S. GAAP

The bottom line is up 66% from 2007’s $21.9 Million over the same period, with adjusted EBITDA up 64% year on year to $72.3 million, on turnover of $559.2 million, up 63% year on year.

Chief Executive Officer, Sergey Mikhailov, said in a statement that the company was making solid progress despite a challenging market environment, with rising grain prices exerting pressure on Cherkizovo Groups margins.