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News 1145 views last update:14 Jan 2016

Russia: Largest aquaculture producer reports significant growth

The Russkoe More Company, one of the largest producers of aquaculture in Russia said that the aquaculture sector in the first nine months of 2012 revenue totalled 58.97 million rubles (US$ 1.9 mln) against 3.9 million rubles (US$ 0.12 mln) a year earlier.

In the third quarter of this year revenue in this segment had equalled to 4.1 million rubles (US$ 0.13 mln) against zero indexes in the same period of 2011. The company's revenue in this segment of aquaculture compared to the same period of last year increased by 15 times.

However, the production indexes of the company fell in other areas of its operations, which negatively affected the overall income statistics of Russkoe More.

Net loss according to Russian Accounting Standards (RAS) in the first half of 2012 grew to 638,634 thousand rubles (US$ 21 mln) against 295 thousand rubles (US$ 9.5 thousand) for the same period of 2011. Revenues for the first half of 2012 grew by 1.1% up to 112,730 thousand rubles (US$ 3.6 mln).

The company had earlier announced plans to invest five billion rubles (US$ 150) in the development of commercial aquaculture in Karelia until 2015.

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