PAVA posts 34% increase in 2008 IFRS consolidated net revenue

In 2008, PAVA, one of the leading grain processors in Russia, achieved 34% increase in net revenue, as the audited consolidated IFRS results show. The company’s net revenue in 2008 stood at USD160,893,000 which is USD40,864,000 higher compared to the previous period.

The growth factors reported earlier were expanding sales and markets - especially overseas, with the export shipments rising by 84% according to the latest updated figures. Despite emerging crisis, the milling market environment was favourable, characterized by positive price dynamics. PAVA made several new product launches, such as innovative grade of flour "Zhitnitsa" and wheat germ oil, generating additional returns.