Myronivsky Hliboproduct (MHP) saw a 29% fall in net profit in April-June YoY, to $165 million.
According to a report of the holding posted on the London Stock Exchange (LSE) on Wednesday, its revenue in Q2 2016 fell by 7%, to $286 million, gross profit grew by 4%, to $142 million, operating profit decreased by 3%, to $123 million, and earnings before interest, tax, depreciation and amortization (EBITDA) – by 1%, to $146 million.
Over the period the holding increased the share of exports revenue from 45% to 49%.
In January-June net profit totaled $94 million compared to net loss of $61 million a year ago.
Revenue decreased by 4%, to $530 million due to a decline in grain sales YoY. The share of exports revenue grew from 44% to 48%.
Operating profit in H1 2016 decreased by 19%, to $191 million, gross profit – by 9%, to $223 million and EBITDA – by 13%, to $235 million.
“Despite the ongoing challenging situation in Ukraine, the company gradually continues to develop as planned. Our poultry division expanded as forecast totally in line with plans, and is expected to grow in volume further in the second half of the year”, MHP Board Chairman Yuriy Kosiuk said.
“MHP once again became self-sufficient in hatching eggs replacing imports with internal production at our expanded and reconstructed breeding farms”, he added.
MHP CFO Viktoria Kapeliushna said that if the Hryvnia exchange rate did not change, MHP could see $170 million of net profit in 2016. Revenue could be $1.2 billion, and the share of exports revenue would be around 50%.
MHP is the largest poultry producer in Ukraine. It also deals with production of grain, sunflower oil, meat goods. (Interfax/Business World Magazine)
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