Food Empire Holdings, the manufacturer of instant beverage products, frozen convenience food and snacks, says it achieved a turnaround in the first half of 2010 with a profit after tax of US$6.9 million ($9.4 million), compared to a loss of US$2.2 million loss for the same period last year.

The strong results came on the back of a surge in sales, particularly in the group’s largest market of Russia. The group’s revenue for the first half of this year was US$81.9 million, an increase of 47.0% compared to the same period in 2009.

Revenue from Russia increased by more than 84% compared to the previous half year, to US$49.0 million. The Russian economy continues to improve and the Russian Rouble remains stable. The improved purchasing power and economic conditions have resulted in better consumer confidence, helping to boost the sale of the group’s products.

Revenue from Other Markets rose by 35.2% from US$7.2 million in 1H09 to US$9.7 million in 1H10, mainly due to successful efforts to grow the popularity of the group’s brands in the Middle East.

The group says it finished the half year with a robust balance sheet with net assets of US$126.5 million as at 30 June 2010, including a healthy US$51.2 million in cash and bank balances.