Russian meat processor Cherkizovo said it has returned to "normal profitability" in the first half of the year amid more favourable market conditions.
A spike in grain costs and a fall in pork prices hit Cherkizovo's results in the first half of 2013. However, the London-listed group today reported a recovery in profits and higher sales for the first six months of this year.
Cherkizovo's net income stood at $115.2 mill. In the first half of 2012, it generated $95.5 mill. The company's operating income reached $130.8 mill. in the first half of 2014. In 2012, Cherkizovo's operating income stood at $109.3m. Sales rose 12% to $872.3 mill. in the first half of 2014 thanks to a mix of higher selling prices across its business and an increase in pork and poultry volumes.