KYIV. Aug 31 (Interfax-Ukraine) – Ovostar Union, one of the leading producers of eggs and egg goods in Ukraine, saw a 42% rise in net profit in January-June 2015, to $15.893 million, the company said in a report on the Warsaw Stock Exchange (WSE).
The company said that its revenue decreased by 2%, to $33.509 million and gross profit grew by 14%, to $14.231 million.
Operating profit rose by 30%, to $14.864 million and earnings before interest, taxes, depreciation and amortization (EBITDA) – by 18%, to $15.875 million.
The company said that its revenue decreased mainly related to lower revenue from non-core sunflower processing segment. Net profit has been influenced by a non-cash item, finance in-come that arose from translation of the company’s EUR-denominated loans into presentation currency.
Production cost in H1 2015 totaled $20.718 million. Lower year-on-year U.S.
dollar terms cost of grains, the company’s main production cost component, resulted in a 12% decrease in cost of sales value, although selling volumes have been higher than in the H1 2014.
Devaluation of Ukrainian hryvnia that continued in the first half of 2015 compressed the U.S. dollar value of the company’s balance sheet items. In H1
2015 the USD-denominated value of total assets decreased by 6% to $95.062 million compared to the end of 2014. Current assets decreased by 3% to
$32.368 million while non-current assets decreased by 8% to $62.694 million.
During the reporting period, total liabilities increased by 12% to $18.554 million. Trade payables de-creased by 54% to $2.622 million.
