Ovostar Union, a leading shell egg producer in Ukraine, saw $3.9 million of net profit in January-June, down by 56.5% YoY.
According to a company report published on August 30, revenue over the period grew by 6%, to $36.5 million, while gross profit narrowed by 28%, to $8.5 million, and operating profit declined by 40%, to $5.7 million.
The shell egg segment generated 68% of total revenue ($24.9 million), the egg product segment brought 30% of revenue ($10.9 million) and oilseeds – 2% ($700,000).
A fall in gross profit along with the increase of exports resulted in a fall in EBITDA by 33% YoY, to $7 million.
Total liabilities of Ovostar Union in H1 fell by 8%, to $21 million.
“The significant amount of cash in our bank accounts ($12.7 million as of June 30) resulted in net debt being equal to $2.1 million as of the end of H1 2017, 59% lower year-over-year,” the company said.
As of June 30, the value of the company’s total assets amounted to $117.7 million (up by 10%). Total flock has increased by 9%, to 7.9 million hens. (Interfax-Ukraine/Business World Magazine)
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