Rusagro Group of companies (ROS AGRO PLC, LSE: AGRO) has announced today operating results of 1H201126.07.11
The volume of sugar produced by the Company on its seven sugar plants located in Belgorod and Tambov regions has reached 529 thousand tons - 35% increase compared to the results of 1H2010 (392 thousand tons in 1H2010). Sales volume has reached 482 thousand tons compared to 424 thousand tons in 1H2010 (up 14% YoY)
The sales volume of our meat division has reached 28 thousand tons - 10% less compared to 1H2010 (31 thousand tons in 1H2010). The YoY decrease in volumes in 1H2011 is a result of the abnormal heat observed in summer 2010 which affected the livestock growth and pig fattening patterns.
The production of fodder for sale has increased by two thirds and reached 33 thousand tons (20 thousand tons in 1H2010 - 65% growth YoY). Sales volumes are equal to production volume.
The construction of the meat complex in Tambov and expansion of existing facilities in Belgorod are going according to initial plans. The animal delivery to the facilities has been contracted and will be completed in accordance with the schedule (at the end of 2011).
Oil and fats division
The Company has launched production of vegetable oil at the newly acquired oil extraction plant in Samara region. Design capacity exceeds 1,100 tons per day. Total end product volume in 1H2011 reached 13 thousand tons.
The production volumes of margarine and mayonnaise have increased by 8% YoY and by 1% YoY respectively. The margarine output has reached approximately 15 thousand tons (14 thousand tons in 1H2010) while the mayonnaise output has reached 25 thousand tons (25 thousand tons in 1H2010). Sales volumes of margarine and mayonnaise are very similar to production volumes.
The condition of crops in agricultural division is qualified as satisfactory. The harvest of grains has recently started.
The company will announce the financial results of 1H2011 on 30 August 2011. Results publication will be followed by a conference call.
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