Wimm-Bill-Dann Foods OJSC (WBD), a manufacturer of diary products and beverages in Russia and CIS, Thursday reported a decline in third-quarter net income, hurt by financial expenses, despite 15% growth in sales.
The Moscow, Russia-headquartered company posted net income of US$31.0 million, down 22.2% from US$39.8 million in the same quarter of last year. Underlying net income excluding foreign currency revaluation effect and adjusted for respective tax amount, rose 23.7% year-on-year to US$41.9 million.
Net sales for the quarter increased 15.0% to US$702.1 million from US$610.5 million in the previous year. Analysts polled by First Call/Thomson Financial expected revenues of $749.99 million.
Segment-wise, sales in the dairy segment rose 11.5% to US$524.6 million from US$470.3 million last year. Beverages reported a sales growth of 15.2% year-on-year, while sales in baby food grew 53.5% to US$64.0 million from US$41.7 million in the previous year.
During the quarter, the currency revaluation loss of US$15.1million, compared to currency revaluation gain of US$8.4 million. The company noted that the currency revaluation loss was primarily due to the weakening of the ruble against the dollar.
For the first nine months, the company reported net income of US$109.6 million, up 3.7% from US$105.6 million in the comparable period of last year.
Group revenue increased 24.8% to US$2.19 billion from US$1.76 billion in the year-ago period. Dairy segment recorded revenue growth of 23% year-over-year, while sales growth in the beverages business and baby foods division rose 20% and 61% respectively from the preceding year.
Looking ahead, Tony Maher, Wimm-Bill-Dann's chief executive officer, said, "I would like to add that we remain confident in our financial strength, our ability to execute, and our strategy for sustained profitability.
He added, "Over the last several years, we have put in place a strong foundation, which, combined with the very nature of our business, will see us emerge even stronger from this uncertain period."
Shares of WBD, which have been trading in the range of $13.42 to $145.28, in the past 52 weeks, ended Wednesday's regular trading session at $26.30.
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