Leading Russian fresh produce importer JFC Group has published its preliminary results for the first quarter of 2009, revealing growth in a number of key areas despite the current crisis in the country's economy.
The company admitted it had been unable to avoid the influence of the worldwide economic downturn on its activities, citing the higher cost of fruit quoted in hard currency and the need to service debts as negative factors which had an impact on its activities.
JFC sells about 80 per cent of its volumes on the Russian market, where the local currency rouble has devalued by approximately 50 per cent against the US dollar over the past few months.
However, JFC Group said it had managed to redress the balance in part by optimising its product range and focusing on its main product, bananas, which now account for 80 per cent of its sales, compared with 60 per cent in 2008.
According to the group, its gross margin for the first quarter of 2009 was 22.8 per cent, up from 18.9 per cent in the same period of 2008.
Earnings before interest, tax, depreciation, and amortization also grew significantly, up 18.2 per cent year-on-year to US$29.6m and with a record margin of 22 per cent.
More details will appear in Eurofruit Magazine's May 2009 issue
