* Net income up to $120.2 mln in 2009 from $78.1 mln in 2008
* EBITDA margin up to 18 pct from 13 pct
* Revenues up 12 pct in roubles, down 12 pct in dollars
MOSCOW, March 31 (Reuters) - Russian meat producer Cherkizovo group said 2009 was its most profitable year ever, as reduced costs and increased production helped it weather a recession-hit fall in sales.
Net income rose 54 percent to $120 million in 2009, as output in the high-margin pork division rose by 38 percent thanks to new farms nearing full capacity, the company said.
In line with Russia's drive to reduce dependence on imported meat, Cherkizovo plans to further raise pork output [ID:nLDE6290JT], and expects the pricing environment to remain favourable this year, Chief Executive Sergey Mikhailov said.
"The company will continue to leverage the benefits of improving efficiency and increasing capacity, particularly in our higher-margin pork and poultry businesses, to take advantage of the opportunities in the market and M&A opportunities, " he said in a statement.
Cherkizovo's EBITDA margin increased to 18 percent from the 13 percent seen in 2008.
The improved results came even as sales fell 12 percent in dollar terms to $1.02 billion, dented by a depreciation in the rouble <RUB=>. The company also said that consumption fell in some regions, as Russian tightened their belts in the face of job and salary cuts during the recession.
In rouble terms, revenues were up by 12 percent, while net income was up by 96 percent.
Cherkizovo Group’s chicken and turkey products have once again been awarded the annual Product of the Year title, with flagship brands Petelinka and Pava-Pava winning two categories of the award.
Cherkizovo Group, Russia's largest meat producer, is taking part in Our Brand, an international food festival in Ufa. The Company showcased its products during a tasting session at its stand.
Cherkizovo Group, Russia's largest meat producer, continues to expand its turkey product line under Pava-Pava, one of its flagship brands. This fall, the Company has launched sales of spiced turkey filet, a perfect choice for holiday dinners.
Cherkizovo Group, Russia’s largest meat producer, has once again been praised for the high quality of its products, with the Petelinka, Cherkizovo, and Pava-Pava brands winning two gold and three silver medals at Quality Guarantee 2023.