Good news for CherkizovoThis article was originally published in Foodnews
CHERKIZOVO, the Russian meat firm, has recorded impressive full-year results. Net income surged 54% to USD120.2 million for the year ending December 2009. Adjusted EBITDA increased 19% to USD181.5 million (from USD152.3 million in 2008) and gross profit edged up 1% to USD281.3 million. Revenues decreased 12% to USD1.02 billion from USD1.17 billion in 2008, driven by a 28% devaluation of the rouble. Net debt decreased 13% to USD445.2 million.