Ovostar Union, one of the leading producers of eggs in Ukraine, saw its net profit fall by 73.7% in January-March 2020 compared to the same period in 2019, to $1.17 million.
According to the company’s report on the Warsaw Stock Exchange’s website, its revenue decreased by 24.7%, to $23.44 million in Q1, 2020.
Gross profit of Ovostar in January-March 2020 decreased by 54.6%, to $3.6 million, operating profit – by 78.7%, to $1.04 million.
The company earned $10.84 million from export sales ($5.56 million from sales of eggs and $5.28 million from sales of egg products). In Ukraine it sold eggs worth $8.54 million and egg products worth $4.06 million.
In Q 1, 2020, Ovostar Union invested $411,000 in the purchase of equipment for poultry houses and $450,000 in the overhauls and modernization of its facilities.
As reported, the company reduced egg sales by 28% in January-March 2020 compared to the same period in 2019, to 241 million eggs. Egg sales for export decreased by 56.5%, to 81 million eggs, resulting in a share of export sales of 34% during the specified period (compared to 56% in Q1, 2019).
