August 19, 2011

 

Myronivskyi Khliboprodukt ends Q2 with US$67-million profit

 

 

One of Ukraine's major poultry meat producers, Myronivskyi Khliboprodukt (Kyiv), finished April-June with a net profit of US$67 million.

 

The net revenues of the company in the reporting period rose by 26% to US$281 million (US$223 million in the second quarter of 2010).

 

EBITDA grew by 21% to US$101 million (US$84 million in the second quarter of 2010).

 

Consolidated EBITDA margin in the second quarter rose to 36%, while in the first quarter it was 23%.

 

Myronivskyi Khliboprodukt noted that the net profit remained at the level of the second quarter of 2010 - US$67 million - due to losses during cashless exchange of foreign currency conditioned by the growth in the EUR/US$ exchange rate.

 

In the first half year of 2011, revenues of the company grew by 25% to US$527 million (the first half year of 2010 - US$423 million).

 

EBITDA indicator rose to 19% or US$158 million (the first half year of 2010 - US$133 million).

 

Consolidated EBITDA margin remained high, though it fell to 30% (the first half year of 2010 - 31%).

 

Net profit in the first half year fell by 16% to US$86 million (the first half year of 2010 - US$102 million), due to losses during cashless exchange of foreign currency conditioned by the growth in the EUR/USD exchange rate.

 

Commenting upon the indicators, Viktoria Kapeliushna, the financial director of the Myronivskyi Khliboprodukt, said that in the second quarter of 2011, exchange rate growth led to company's losses of US$3 million, while in the second quarter of 2010, the profit from the exchange transactions reached US$13 million.

 

Speaking about the forecast of poultry prices, she admitted increase of 12-14% in the second half year of 2011.

 

Kapeliushna also noted that within the forthcoming seven years, the company intends to develop respective trends of business paying more attention to derived products: semi-finished products, sausage products and other types.

 

As reported earlier, Myronivskyi Khliboprodukt finished 2010 with a net profit of US$215 million. The proceeds grew by 33% or by US$233 million over 2009, to US$944 million.

 

Myronivskyi Khliboprodukt is a vertically integrated open joint-stock company consisting of enterprises producing fodder and incubation eggs as well as enterprises breeding cattle and chicken.

 

Myronivskyi Khliboprodukt produces poultry meat under the Nasha Riaba trademark, semi-finished meat products under the Lehko trademark, beef delicacies under the Certificated Angus trademark, goose liver delicacy under the Foie Gras trademark.