Myronivsky Hliboproduct agroholding (MHP), the largest poultry producer in Ukraine, kept its net profit in the second quarter ending on June 30, 2011 at the level of the second quarter ending on June 30, 2010, reads a company report published on Thursday.
The company said that its revenue increased by 26%, to $281 million.
MHP in April-June 2011 increased gross profit by 28%, to $100 million and profit from operations rose by 26%, to $87 million, while its EBITDA was up by 21%, to $101 million.
The company said that the revenue grew mainly thanks to chicken meat production growth, a rise in the price of sunflower oil, a rise in meat processing and a rise in the prices of meat.
MHP said that the EBITDA profitability remained almost unchanged year-over-year at 36% against 37%.
Commenting on the net profit indicator, the company said that in the second quarter 2011 its non-cash foreign exchange losses came to $3 million due to the euro exchange rate growth, while in the second quarter of 2010 exchange rate fluctuations brought $13 million to the company.
In H1, 2011, MHP cut its net profit by 16%, to $86 million with a 25% rise in revenue, to $527 million. Gross profit grew by 25%, to $156 million, profit from operations rose by 23%, to $129 million, while EBITDA grew by 19%, to $158 million.
The fall in the net profit is linked to cash foreign exchange losses of $9 million this year compared to income of $25 million from foreign exchange fluctuations in H1, 2010.
