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UPDATE 1-Russian vodka firm Synergy 2010 earnings up 37 pct

Published 04/07/2011, 03:28 AM
Updated 04/07/2011, 03:32 AM

* Net profit rises to 1.57 billion roubles

* Revenue up 17 percent to 21.1 billion roubles

* EBITDA grows 14 percent to 3.3 billion roubles

* Aims to double market share

(Adds detail)

MOSCOW, April 7 (Reuters) - Russian vodka producer Synergy reported a 37 percent rise in 2010 net profit, helped by higher sales of premium products.

Synergy also said on Thursday it was targeting a 20-25 percent share of Russia's legal vodka market through organic growth and acquisitions, compared with 11 percent in 2010.

Full-year net profit rose to 1.57 billion roubles ($56 million) on sales up 17 percent to 21.1 billion. Strong drinks contributed 18.2 billion roubles, a 19 percent jump.

Earnings before interest, taxation, depreciation and amortisation (EBITDA) grew 14 percent to 3.3 billion roubles, for an EBITDA margin of 16 percent, unchanged from 2009.

The margin in the spirits segment improved to 18 percent from 16 percent due mainly to increased sales of premium segment alcohol.

The company raised around $100 million in a share sale last October. (Reporting by Maria Kiselyova; Editing by Dan Lalor) ($1 = 28.24 roubles)

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