(1888PressRelease)
June 19, 2009 - OJSC PAVA, one of major Russian grain processors, issued IFRS consolidated audited results for the year 2008 ended December, 31. According to the statements, the company experienced 14.5% growth of gross earnings. Last year, the figure stood at USD36,817,000 against USD32,157,000 in the comparable period.
Sergey Balaenkov, Chief Financial Officer of PAVA commented, “Improving financial performance confirmed by international standards proves that the company is able to stand strong in the unstable environment.
Confident position in the industry is a key to attracting investment in rapidly developing business and successful implementation of the new projects for agricultural operations and deep wheat processing”.
Growth in the customer base and sales volume, efficient production technology and the concurrent favourable price trends in the grain processing sector in 2008 were the factors that influenced positive dynamics of the gross earnings. The 84% upturn of high-margin export shipments, according to the latest updated figure, enhanced profitability of business in the period under review.
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