Flat profits get top spin
| J7 juice: what you see is what you get,
Wimm-Bill-Dann, the first Russian company to launch an IPO on the NYSE, posted flat profits in the first quarter. The dairy and juice producer is already demonstrating its skills in the art of positive spin. It says results are good if one-off seasonal promotional expenses and the higher cost of raw materials over the Russian winter are taken into account. It claims that its 2001 and first-quarter 2002 net profits are in line with company targets, although its net profit margin remained flat over 2001 at 4.8%, below analyst expectations.
Wimm-Bill-Dann says it has tackled a steep learning curve since its successful IPO in February in the relationship between analysts and its investor relations team. But it says the information flow is improving. "We communicate a lot more with investors," says chairman David Iakobachvili.