MHP agricultural holding, the largest chicken producer in Ukraine, saw $0.87 million in net profit in January-March 2021 compared to $174.1 million in net loss in January-March 2020, the company said in a report on the London Stock Exchange on Wednesday.

"Net loss before foreign exchange differences for Q1 2021 amounted to $19 million, compared to $8 million profit for Q1 2020," the company said.

According to it, MHP's revenue increased 1%, to $447.01 million with a decrease in export earnings by 8.4%, to $217 million (its share decreased from 53% to 49%).

The company also reported that its gross profit decreased 28%, to $66 million, operating profit fell by some 66%, to $16 million, and adjusted EBITDA – by 34%, to $63 million.

"Following a difficult first quarter in which sharply increased costs of poultry production, which were adversely affected (as expected) by higher grain and fodder prices, could only partly be recovered by increased poultry prices, we expect visibly improving trends to impact more favorably on our business over the next several months," MHP said in the report.