Myronivsky Hliboproduct (MHP) in July-September saw $48 million of net loss compared with $41 million of net profit in July-September 2017 over foreign exchange translation loss.
According to unaudited financial statements of the holding, revenue grew by 19 percent in Q3 2018, to $422 million, earnings before interest, taxes, depreciation and amortization (EBITDA) fell by 6 percent, to $99 million and operating profit decreased 17 percent, to $71 million.
The holding said that over the period exports revenue totaled $275 million, which is 62 percent of total revenue ($212 million in Q3 2017 or 57 percent). The operating margin was 16 percent.
In January-September, net profit of MHP fell by 44 percent year-over-year, to $142 million. Revenue grew by 17 percent, to $1.136 billion. Exports revenue totaled $660 million, or 58 percent of total revenue ($561 million in January-September 2017 or 58 percent).
Operating profit decreased 9 percent, to $283 million, EBITDA – 2.4 percent, to $362 million.
According to the report, net profit decreased mainly due to reduction in government grants income ($41 million) and one-off transaction costs ($33 million) related to new eurobond issued in April, as well as the non-cash foreign exchange translation loss.
Myronivsky Hliboproduct is the largest poultry producer in Ukraine. It is also engaged in production of grain, sunflower oil, and meat.
MHP supplies cooled chicken half-carcasses to the European market, which are processed, in particular, at its enterprises in the Netherlands and Slovakia.
The land bank of the company at the end of 2017 was about 370,000 hectares.
