Rusagro to Post Historical Net Income, Boosted by Russia's Import Ban

By Reuters

Nov. 27, 2014

Combine harvesters work on a wheat field of the Solgonskoye farming company in the village of Solgon, southwest from Krasnoyarsk, Russia. Ilya Naymushin / Reuters

Russian farming conglomerate Rusagro said on Thursday its third-quarter net profit jumped to 6.6 billion rubles ($138 million) from 2.2 billion rubles a year ago, boosted by Russia's ban on Western meat imports.

The company, listed in London as Ros Agro and controlled by senator Vadim Moshkovich's family, plans to post the highest annual net income in its history, Maxim Basov, its chief executive, said in a statement.

Its third-quarter sales jumped 68 percent, year-on-year, to 14.7 billion rubles.

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