Sales of approximately $110m (€100m) were on a par with the previous year, the company said.
In exchange rate adjusted terms, based on the average rouble exchange rate of the prior year period, sales revenues rose by over 30%, primarily because of the much higher milk output.
The milk production segment’s revenues were also on a par with the previous year in spite of extremely low milk prices in the world market. In exchange rate adjusted terms, milk revenues increased approximately 30%.
Cow herd increase
Ekosem-Agrar said the dairy cow herd increased by 14% to 25,000 animals and the annual milk output rose by 17% to 180,000 tons. Ekosem-Agrar thus expanded its market leading position in spite of the adverse conditions prevailing in Russia.
According to preliminary figures, total output (revenue plus finished and unfinished goods as well as biological assets and other operating income) amounted to over $154m (€140m), which is in line with the plans.
Stefan Dürr, main shareholder and managing director of Ekosem-Agrar, said, “Our earnings figures show that we achieved very decent results in times of global milk price lows, record lows of the rouble exchange rate and difficult financing conditions in Russia.”
Ekosem-Agrar GmbH Walldorf, Germany is the German holding company in the Ekoniva Group, one of the largest Russian agricultural companies. With an average milk production of around 580 tons per day, the company is the largest milk producer in the country.
The corporate group has about 3,500 employees at six locations in Russia.