11:43 18.11.2020

MHP ends Q3 2020 with net loss of $47 mln due to foreign exchange loss

2 min read
MHP ends Q3 2020 with net loss of $47 mln due to foreign exchange loss

The agricultural holding Myronivsky Hliboproduct (MHP) saw a net loss of $47 million in July-September 2020 versus a net profit of $104 million for the same period in 2019.

According to the quarterly financial statements of the holding, published on the London Stock Exchange on Wednesday, its revenue in the third quarter decreased 2%, to $547 million, and EBITDA fell by 3%, to $106 million.

MHP's gross profit grew by 10%, to $103 million, operating profit – by 40%, to $56 million.

MHP said that over the specified period, export revenue decreased 2.5%, to $309 million, which is 56% of total revenue (in the third quarter of 2019 it was 57% of total revenue).

The agricultural holding explained its net loss indicator for the third quarter of 2020 by a non-cash foreign exchange loss of $61 million compared to a profit of $109 million for the same period in 2019. Thus, net profit before foreign exchange differences in the reporting period of 2020 amounted to $82 million, which is 11% lower compared to $92 million in the third quarter of 2019.

MHP is the largest chicken producer in Ukraine. It is also engaged in the production of cereals, sunflower oil, meat products. MHP supplies the European market with chilled half-carcasses of chickens, which are processed, including at its factories in the Netherlands and Slovakia.

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