16 Nov 2009 19:22

Juice maker Lebedyansky cuts 9M revenue 23%

MOSCOW. Nov 16 (Interfax) - Juice maker Lebedyansky reduced sales revenue to Russian Accounting Standards (RAS) 23% in January-September 2009 to 16.7 billion rubles, from 21.9 billion rubles in the same period of last year, the company said in a quarterly financial statement.

Operating profit fell to 2.8 billion rubles in 9M 2009, from 3.1 billion rubles in the same period of last year.

The company has said RAS net profit plummeted 91.1% year-on-year in January-September to 156.945 million rubles from 1.76 billion rubles. Net profit in Q3 2009 was 679,000 rubles, compared with profit of 117.466 million rubles in Q2 2009.

Profit fell because its baby food and drinking water businesses were spun off into a separate entity, OJSC Progress, the company said. Higher raw material and input costs also took their toll. Profit fell in Q3 due to a drop in sales revenue and growth in commercial expenses.

The baby food and water divisions were spun off when Lebedyansky was being taken over by PepsiCo last year.

PepsiCo currently controls almost 100% of Lebedyansky via Russia-based subsidiaries and affiliates.