Industrial Milk boosts its net income by 74.4% y-o-y in 1H11

Industrial Milk Co (WSE: IMC PW), one of the largest milk producers in Ukraine, increased its 1H11 net income by 74.4% y-o-y to USD 16.9 mln, according to financials reported by the company on Monday. Revenue decreased by 23.5% y-o-y to USD 11.0 mln due to lower inventories at the beginning of the year. Operational profit increased by 82.6% y-o-y to USD 17.7 mln, driven by favorable pricing. Industrial Milk raised USD 29.8 mln by selling a 24% stake in an IPO on the Warsaw Stock Exchange in April 2011.