16 Feb 2015 15:42

Russian subsidiary of Parmalat reduces net profit by 18% in 2014

BELGOROD. Feb 16 (Interfax) - The Russian subsidiary of Italy's Parmalat, OJSC Belgorod Dairy Plant saw net profit to Russian Accounting Standards (RAS) drop by 17.7% year-on-year to 213.5 million rubles, the company said in a report.

Revenue rose 11.3% to 5.3 billion rubles.

The report also said that the prices for the plant's products rose by 6.9%, the turnover of goods, acquired as part of an agreement on return sale, increased by 9.1% and the product sales fell by 4.7%.

Main financial results of the company for 2014 ('000 rubles):

2014 2013
Revenue 5 340 557 4 798 532
Cost of sales 4 634 982 3 829 345
Gross profit 705 575 969 187
Profit from sales 285 329 404 691
Pretax profit 275 414 348 818
Net profit 213 511 259 291

Accounts receivable as at December 31, 2014 was 889.8 million rubles, having increased from 238.8 million on December 31, 2013. Accounts payable halved to 239 million rubles.

OJSC Belgorod Dairy Plant was founded in 1993. The main type of activity is the processing of milk, the production of cheese and sour milk and whole milk products. Products are sold under the brand names Parmalat and Bely Gorod. Parmalat SpA holds a 99.75% stake in the enterprise.