Wimm-Bill-Dann, the Russian drinks and dairy group, has reported an increase in full-year profits on share gains in its beverages division.
For the year ended 31 December, net income increased 14.6% year-on-year to reach US$116.5m. On a constant currency basis (in rubles), net income increased by 46.4% compared to 2008.
Group sales decreased 23% year-on-year to $2.18bn, driven by ruble devaluation, and partially offset by improved sales mix in dairy and stronger volumes in beverages and baby food.
“Wimm-Bill-Dann achieved solid growth in profitability and significantly improved its balance sheet in 2009 despite continuing macroeconomic pressure and a temporary shortage of raw milk late in the year, which impacted dairy sales and margins in the fourth quarter,” said Tony Maher, Wimm-Bill-Dann’s CEO.
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