Kalina posts 9M 2010 Net Income of 556 million roubles
Russian cosmetics and perfumery producer, Kalina, has posted a 9M 2010 Net Income of 556 million roubles under IFRS.
The bottom line was up 37% year on year from the 419 million roubles in the same period 2009, with EBITDA down 3.6% year on year to 1.164 billion roubles, on the back of a 3.1% drop in sales to 10.121 billion roubles.The company attributed the result to the 2009 sale to Dr. Scheller Cosmetics of its low profit European sales and production facilities, which saw 9M sales drop despite 11.8% year on year growth in sales in Russia and the CIS. Kalina said the improved Russian and CI sales were the result of a focus on promotion and brand distribution, which saw the company launch more than 270 new products over the period. It added that it had continued to work on debt restructuring, and reducing finance costs and foreign exchange risks. The company says it is looking to concentrate on the more profitable skin care market, and added that it had entered into a deal to sell its stake in Dr. Scheller Cosmetics AG to Coty Inc.