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Russia's Rosagro Says Q4 Sales Rose 25% Year-on-Year

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

Russian farming conglomerate Rusagro Group said Friday that its fourth-quarter sales rose 25 percent to 21.55 billion rubles ($325.06 million) after a 68 percent jump in the previous quarter.

Total sales for 2014 were up by 57 percent to 65.68 billion rubles, the company said in a statement.

The pork and sugar producer said earlier it planned to post the highest annual net income in its history in 2014, boosted by Russia's ban on Western meat imports.

The company also said sugar division revenue increased by 16 percent in the last quarter of 2014 in annual terms to 5.9 billion rubles while meat division sales were up 72 percent to 5 billion rubles.

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