Ovostar Union, a leading shell egg producer in Ukraine, saw $3.9 million of net profit in January-June 2017, and this was 56.5% less than a year ago.

According to a company report published on Wednesday, 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), and 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 earnings before interest, taxes, depreciation and amortization (EBITDA) by 33% year-over-year, to $7 million.

Total liabilities of Ovostar Union in H1 2017 fell by 8%, to $21 million.

"The significant amount of cash in our bank accounts ($12.7 million as at 30 June 2017) resulted in net debt being equal to $2.1 million as at the end of H1 2017, 59% lower year-over-year," the company said.

As at June 30, 2017 the value of company’s total assets amounted to $117.7 million (10% up year-over-year).

As at June 30, 2017 the company's total flock has increased by 9% year-over-year to 7.9 million hens.