August 19, 2011

MHP's H1 profit slides 16% on forex loss

MHP, a Ukrainian poultry, meat and grain producer, announced on Thursday (Aug 18) a 16% drop in its H1 net revenue because of the strengthening euro against the dollar.

"Net income decreased by 16% to US$86 million despite operating profit growth due to the effect of non-cash foreign exchange losses," MHP said Thursday.

The London-listed company said it had recorded a US$9 million foreign exchange loss in January-June compared with a US$25 million gain in 2010 period.

Revenue grew 25% to US$527 million on strong poultry and processes meat sales and higher sunflower oil prices, MHP said. EBITDA rose by 19% to US$158 million.