14:51 30.11.2017

Avangard agroholding sees 46.3% fall in net loss in Jan-Sept

2 min read
Avangard agroholding sees 46.3% fall in net loss in Jan-Sept

Net loss of Avangard agricultural holding, the largest shell eggs producer in Ukraine, totaled $20.83 million in January-September 2017, which is 46.3% less than a year ago.

According to a company report on the London Stock Exchange published on Thursday, its consolidated revenue fell by 24.4%, to $83.99 million.

Gross loss over the period totaled $22.11 million compared with gross profit of $3.17 million a year ago. Negative EBITDA grew by 21.9%, to $12.21 million and operating loss – by 10.6%, to $24.98 million.

In Q3 2017, Avangard boosted net loss year-over-year by 49.6%, to $9.18 million with a decline of 36.8% in revenue, to $29.32 million.

Gross loss in Q3 2017 amounted to $10.12 million compared with gross profit of $500,000 in Q3 2016. EBITDA was negative - $3.18 million, while in July-September 2016 it was positive - $2.45 million. Operating loss soared 4.5-fold, to $7.13 million.

"In the reporting period, AVANGARDCO's performance continued to be impacted by challenging conditions in the domestic and export markets which led to reduced revenue and profitability. However, we saw a gradual recovery in Q3 2017, driven by seasonal growth in consumer demand for shell eggs in Ukraine and its sales price, as well as the resumption of sales to the company's traditional export markets. As part of our efforts towards further cost optimisation, the company has replenished its laying flock, which resulted in higher productivity," CEO Nataliya Vasylyuk said.

"We expect that these positive developments will continue throughout Q4 2017, with these improvements expected to be reflected in the Company's performance in H2 2017," she said.

Shell egg production fell by 11%, to 1.693 million. Sales rose by 22%, to 1.331 million. The total poultry flock amounted to 12.0 mln hens, down by 13% year-over-year. The number of laying hens amounted to 10.4 mln hens.

The production of dry egg products amounted to 4,415 tonnes, a decline of 49% year-over-year (9M 2016: 8,612 tonnes). Sales of dry egg products totaled 2,210 tonnes, down by 64% year-over-year.

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