Cherkizovo said poultry price growth shall stagnate in 2012, Reuters reports.
The Russian chicken and pork producers statement has cast a pall over the company’s Q1 profits, which had come in higher than expected.
Cherkizovo reports that poultry in the first quarter was disappointing, and attributes this price depression to Russia’s entry to the WTO.
“We see that poultry prices are growing very slowly and do not expect significant price growth in 2012; we remain confident about the future of the poultry market and continue to invest in poultry production,” chief executive Sergey Mikhailov said.
Cherkizovo’s Q1 net profits were US$39.3 million (€31.24 million).