Russia's Cherkizovo reports lower Q1 prices, higher sales volumes
MOSCOW, April 28 (Reuters) - Russian meat producer Cherkizovo said on Thursday prices for pork, poultry and meat products fell in the first quarter as a weak economy hurt demand.
Pork prices fell to 81.73 roubles ($1.30) per kilogram, down 16 percent from a year earlier and down 4 percent from the previous quarter, the company said in a statement.
It said results were hurt by lower purchasing power in Russia, higher supply from increased domestic pork production and imports from Brazil, as well as the beginning of Lent in March.
Poultry prices fell by 8 percent year on year and by 5 percent quarter on quarter to 88.62 roubles, it said.
It said average prices in its meat processing division fell by 2 percent year on year and by 3 percent quarter on quarter to 165.11 roubles as consumers sought out more affordable products.
The company, however, increased sales across the board, with pork sales volumes up 7 percent year on year, poultry sales up 19 percent and sales of processed meat products up 28 percent.
($1 = 65.0200 roubles) (Reporting by Maria Kiselyova; editing by Jason Neely)
© Thomson Reuters 2016 All rights reserved.