19 May 2010 17:22

Unimilk closes Q1 with RAS net losses totalling 316.4 mln rubles

MOSCOW. May 19 (Interfax) - Unimilk closed the first quarter of 2010 with net losses according to Russian accounting standards (RAS) totalling 316.4 million rubles compared to 90.9 million rubles in net profit in the same period of 2009, the company said in its quarterly report.

The company's sales revenue increased to 7.3 billion rubles in this period compared to 6.6 billion rubles in the first quarter of 2009.

Unimilk's gross profit decreased from 1.66 billion rubles in the first quarter of 2009 to 1.19 billion rubles. The decrease in gross profit was driven by net losses, which, in turn, caused the company's equity margin to reach negative 3.12%. Nonetheless, the company said that this was higher than the fourth quarter result at negative 3.44%. The company believes that this is cause to conclude that these figures are recovering.

Unimilk encompasses 32 companies in Russia and Ukraine, among its largest are: Petmol in St. Petersburg, Milko in Krasnoyarsk, Samaralakto, and Lipetsk-Moloko. It makes products that carry the Bio Balance, Prostokvashino, Letny Den brands, among others.