The Russian Sea Group announced some cost cuts, financial stabilization, and growth in the company’s chilled and frozen segment during the first half of 2013.
The company sold off its CJSC “Russian Sea” subsidiary, finalizing the transaction in February. The division was responsible for the company’s ready-to-eat segment, which the company now calls “discontinued.”
“During the first quarter of 2013 significant changes took place in Russian Sea Group,” said Dmitry Dangauer, the company’s CEO. “The sale of unprofitable ready-to-eat segment was finalized. As a result of the deal the credits were partially paid off that allowed to reduce the debt of the Group by more than RUB 1.3 billion (USD 39.1 million, EUR 30.4 million).”
The company reported that consolidated revenue, from both continued and discontinued operations, went up 8.7 percent in 2Q, and for the first half of 2013, revenues totaled RUB 7.8 billion (USD 235 million, EUR 182.6 million), up by 3.4 percent compared to the first half of last year.
Sales in the company’s chilled and frozen segment went up 35.3 percent in 2Q to RUB 3.9 billion (USD 117.4 million, EUR 91.3 million). Revenues went up by 21.7 percent compared with 1H 2012 and amounted to RUB 7.2 billion (USD 216.8 million, EUR 168.5 million).
