June 8, 2009
UAE poultry processor ends 1Q with US$39 million net profits
The Myronivskyi Khliboprodukt company, which is one of the major poultry meat producers in the United Arab Emirates (UAE), ended January-March with a net profit of US$39 million or UAH299 million.
In the first quarter, the revenues of the company fell by 22.86 percent or US$40 million compared to the same period of 2008, to US$135 million.
The revenues of the company in hryvnia equivalent rose by UAH883 million compared to the same period of 2008, to UAH1,039 million.
Earnings before Interest, Taxes, Depreciation, and Amortisation (EBITDA) made up UAH379 million or US$49 billion by the end of the first quarter.
According to local news, Myronivskyi Khliboprodukt ended 2008 with a net profit of US$5.193 million.
In 2008, the revenues of the company rose by 69.2 percent or US$328.473 million compared to 2007, to US$802.910 million.
Myronivskyi Khliboprodukt is a vertically integrated complex of enterprises that produce poultry meat, incubation eggs and fodder, and breed livestock for processing.
Raftan Holding company (Cyprus) holds 99.77 percent stake of the Myronivskyi Khliboprodukt company.
US$1 = UAH7.63 (June 8)
