"Miratorg" reduced IFRS net income in the I quarter of 34%

Agricultural holding "Agribusiness", one of the largest meat producers in Russia, reduced net income by the International Accounting Standards.

agricultural holding "Agribusiness", one of the largest meat producers in Russia, reduced net income by the International Accounting Standards in the first quarter, up 34% compared to the same period last year - to 1.6 billion rubles, according to the agency "Prime "Vice-President" Miratorga "Finance Vadim Kotenko.

company's EBITDA decreased by 11% - to 2.7 billion rubles. The main reason for the decline of indicators - rise in price of feed while reducing product prices. Revenue

"Miratorga" in the first quarter grew by 38.6% to 11.5 billion rubles. As previously reported by the company, sales in volume terms over the three months increased by 39.7% - to 90.4 thousand tons. The volume of pork production increased by 49% - up to 86.513 tons in live weight, the volume of meat-processing plant - by 76% to 58,000 tonnes.

domestic livestock, especially pork producers in the first quarter showed a sharp drop in profitability "because of the combination of record-high grain prices and record-low prices for pork in live weight," as explained earlier group "Cherkizovo» GCHE. The company "Cherkizovo in the first quarter net loss on US GAAP in the amount of 17 million rubles to 1.2 billion rubles of profit a year earlier, and the group of companies" RusAgro "- loss under IFRS at the level of 578 million rubles to 558 million rubles of profit a year ago . Revenue

"Miratorga" IFRS in 2012 grew by 26.7% - to 48.14 billion rubles, net profit - by 86.7%, to 11.2 billion rubles.