Cherkizovo Group, one of Russia's leading meat producers, saw its third quarter net profit increased 18 percent year-on-year to $42.6 million to US GAAP, the company said in a statement on Thursday.
The company's revenues grew 32 percent to $389.2 million. Adjusted Earnings before Interest, Taxation, Depreciation and Amortization (EBITDA) rose 32 percent to $72.2 million, while the EBITDA margin was unchanged at 19 percent.
"Overall, management is optimistic that the group will produce a strong financial performance for the full year in line with our expectations and will further continue to deliver against its strategy," Cherkizovo CEO Sergei Mikhailov was quoted in the statement as saying.
The company's gross profit rose 25 percent in July-September 2011 to $100.4 million.
The company's net debt amounted to $709.4 million in the first nine months of this year. The effective cost of the debt decreased to 2.3 percent from 2.5 percent for the nine months of 2010.
Cherkizovo's net profit in January-September 2011 slipped by one percent to $108.4 million, while its revenue rose 24 percent to $1.078 billion.
