Unimilk posts 1H 2009 Net Profit of 19 million Roubles

Leading russian dairy producer, Unimilk, has posted a 1H 2009 Net Profit of 19 million Roubles under IFRS.

The bottom line shows a major turnaround from the 764 million Rouble Net Loss posted for 1H 2008, with EBITDA rising more than threefold to 2.8 billion Roubles, as Sales rose 7% year on year to 20.84 billion Roubles.

The company was upbeat about the results, which came despite a 596 million Rouble hit stemming from currency volatility, noting a reduction in administrative costs and unchanged net debt position, and an increase in sales of its Prostokvashino brand.

"The increase in sales efficiency was the result of lowering production costs, unification of the brand portfolio and a substantial increase in the Prostokvashino brand's share."