MHP net loss amounted US$ 316 mln due to hryvna devaluation
MHP S.A. one of the leading agroindustrial companies in Ukraine, focusing on the production of poultry and cultivation of grain announced its financial results for the first quarter of 2014 at the press service of the company.
In the reported period MHP revenue increased 2 % to $ 309 mln (Q1 2013 : $ 304 mln).
EBITDA grew 45% to $ 106 mln (Q1 2013 : $ 73 mln ) mostly driven by higher poultry production volumes and a decline in poultry production cost.
At the same time, the devaluation of the hryvnia by 37 % during the 1st quarter led to a non-cash loss of $366 mln
"Net profit before foreign exchange losses in Q1 2014 increased by 64% to $ 51 million compared to US $31 mln in Q1 2013. After FX losses, the net loss amounted $ 316 mln (Q1 2013 : profit of $ 36 mln ) , " - said at the MHP .
According to the chairman Yuriy Kosyuk, Chief Executive Officer of MHP agricultural holding, despite the difficult macro-economic and political situation in Ukraine in the first quarter of 2014, the company continued to grow and develop .
"We have started 2014 with optimism supported by strong results, which create a sound platform for future progress in operational and financial performance this year ," - he commented.
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