Avangard posts $5.3 mln net loss in Q1, 2017
Avangard holding, the largest egg producer in Ukraine, received a net loss of $5.342 million in January-March 2017, which is 34.4% less than in the first quarter of 2016 ($3.974 million).
According to a company report on the website of the London Stock Exchange, its consolidated revenue for January-March of this year decreased by 14.6%, to $34.004 million, EBITDA was $100,000 against $9.566 million in January-March 2016.
"Unstable egg prices amidst high costs and weak consumer demand affected domestic sales, while a temporary ban on trade and geopolitical instability in our key export markets, particularly in the Middle East, affected our export earnings," Avangard Executive Director Natalia Vasyliuk said.
She expressed confidence Avangard has good opportunities to return to profitability in future and restore its position as the world's leading producer of eggs and dried egg goods.
The gross loss of Avangard for the first quarter of 2017 was $1.57 million against a gross profit of $8.28 million in the first quarter of 2016. Operating loss amounted to $3.7 million against a $5.3 million operating profit in January-March 2016.
The total number of birds at Avangard farms on March 31, 2017 was estimated at 14 million, including 10.6 laying hens.