Shareholders of Cherkizovo elected Board of Directors

At their EGM on September 30, the shareholders of OJSC Cherkizovo Group elected a Board of Directors, the company informed.

Yuri Dyachuk, Musheg Mamikonyan, Samuel B. Lipman Marcus James Rhodes, Sergey Mikhailov, Igor Babayev, Yevgeny Mikhailov were elected BOD members.

Cherkizovo Group (OJSC Gruppa Cherkizovo) is a leading Russian manufacturer of meat and meat goods. The company's operations are structured into three operating divisions: poultry (four integrated poultry-farming complexes), pork (seven large integrated pig-breeding complexes) and meat processing (seven meat processing plants). Besides, the Group produces feed-stuffs (2 mixed feed works) and sells its goods through its own three trading houses. The company is among the leaders in the Russian market, the brand portfolio including goods of leading trade marks such as Petelinka, Kurinoye Tsarstvo, Cherkizovskiy, Pyat' Zvezd.

The net profit of Cherkizovo as per US GAAP in H1 2011 decreased by 11% to $66 million against H1 2010. The revenue grew by 20% to $689.1 million, the GP by 4% to $169.7 million. In Q2 2011, the net profit increased by 15% year-on-year to $48.3 million. The revenue increased by 24% to $382.5 million, the GP by 18% reaching $106.1 million.

According to the information and retrieval system DataCapital, the net loss of Cherkizovo (RAS) in H1 2011 grew by 21.2% to 99.266 million Rub. from 81.917 million Rub. in 2010. The revenue decreased by 50% to 45.88 million Rub. from 91.296 million Rub., the GP 3.31-fold to 27.595 million Rub. from 91.296 million Rub., the sales profit 7.5-fold to 3.713 million Rub. from 27.825 million Rub. The loss before tax increased by 9.4% to 105.581 million Rub. from 96.509 million Rub.