Miratorg posts 1H 2011 net income of 1.9 billion roubles

Miratorg posts 1H 2011 net income of 1.9 billion roubles under IFRS
Russian meat producer, Miratorg, has posted a 1H 2011 net income of 1.9 billion Roubles under IFRS.

The bottom line rose 23.3% year on year, with EBITDA rising 3% to reach 3 billion roubles, on the back of a 20.2% year on year rise in revenues to 18.17 billion roubles.

Vadim Kotenko, Vice President for Finance at Miratorg, told Business RT the financials reflected increased sales volumes and production, with a renewed focus on financinnng expenses buttressing the bottom line.

“In 1H 2011 we optimized our interest expenses and refinanced a number of our loans, which basically boosted the net result. Higher revenues reflected the launch of 2 new pig complexes in Belgorod region, which basically comes as a part of the 2nd stage of our investment programme that includes a launch of a total of 9 new complexes in Belgorod region and 4 – in Kursk region by the end of 2012. EBITDA grew on the back of increased production at Miratorg.”