Avangard released financial report for the first quarter of 2014, indicating USD 389.8 million net loss
According to the official report released by the holding, Avangard ended first quarter of 2014 with decline of total sales revenue of -2.3% to USD 152.2 million compared to the same period in 2013. Revenue from revaluation of biological assets of the company has decreased by 4.9% to USD 9.28 million. Company also managed to decrease cost of sales to USD 101.7 million or -0.7% year-over-year. Operating expenses of the company were also lower by 1.7 times at USD 5,2 million, while financial expenses were -12.5% lower at USD 7.62 million. Loss due to devaluation of Ukrainian national currency constituted USD 436.6 million, leaving the company with a net loss of USD 389.8 million. Net loss for the first quarter of 2014 is higher in value than the net income of the company for the entire 2013 by USD 151.7 million.
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