Moscow, June 27 - Nutrinvestholding, the listed arm of Russian baby food maker Nutritek Group, boosted net profit by 17 percent to $26 million in the year ended March 31, 2008 after increasing sales and expanding into New Zealand.
Nutritek said in a statement on Friday revenue rose 4.7 percent to $396.9 million while earnings before interest, tax, depreciation and amortisation rose 10.7 percent to $75.8 million. Earnings per share reached $1.66.
Nutritek raised $200 million selling a 27.4 percent stake in Nutrinvestholding through stock market flotation in an April 2007. The company's results were calculated to International Financial Reporting Standards.
Nutritek sold its Russian dairy business last year for $350 million with the aim of investing elsewhere. It acquired control of New Zealand Dairies Ltd this month by consolidating a 51.5 percent stake in the milk and baby food business.
"Despite the sale of our (Russian) dairy assets in 2007, Nutritek group increased profitability in comparison with the previous year ... as a result of higher baby food sales," Nutritek General Director Oleg Ochinsky said in the statement.
"We launched a plant in New Zealand that creates the base for further successful growth on the international market," he said.