Moscow, Nov. 14 - Russian baby-food and dairy products company Nutritek said on Wednesday its net profit more than doubled in April-September 2007 to $16.15 million from $7.14 million in the same period of 2006.
Nutritek, subsidiary of Nutrinvestholding which floated its shares in April, said revenues increased by 32.1 percent to $230.81 million.
The company said in a statement sales were helped by higher raw milk costs which prompted it to raise prices and sell more products with higher added value.
Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 56.7 percent to $37.33 million, while EBITDA margin rose to 16.2 percent from 13.6 percent a year ago.
Earnings per share jumped to $1.04 from $0.52 in the same year-ago period. Its net debt rose by 37.8 percent to $240.26 million. The results are to International Financial Reporting Standards (IFRS).
Nutrinvestholding raised around $200 million by placing 27.4 percent of its shares in a domestic offering in April of this year.