Source AP ©

Wimm-Bill-Dann exceeds all expectations in Russia

Russia’s leading dairy produce firm Wimm-Bill-Dann (WBD) announced significant net profit 22.7 percent rise in the third quarter of 2007.

Sales rose by 39.1 percent to $610.5 million – beating analysts’ forecast of $604.43 million. In the year-ago quarter sales reached US$439.0 million.

Net income was said to more than doubled to US$39.8 million from US$19.4 million in the prior-year period.

Earnings before interest, taxation, depreciation and amortisation (EBITDA), were $82.2 million, up 16.8 percent, while expected to be $78.2 million.

CEO Tony Maher said, “We are very pleased with the strong results we achieved for the first nine months of 2007 especially in the most challenging raw material cost environment. Despite a sharp rise in raw milk prices, we continued to improve our EBITDA margin to 13.0% in the third quarter of 2007 compared to 12.7% in the second quarter of 2007. During the nine months of 2007 net profit growth was a solid 33.4% and we continued to show impressive revenue growth of 40.4% at the group level.”