MHP, the Ukraine poultry processor, pointed to an improvement in its EBITDA margin in the first half of the year as evidence of "stable financial results" during the period, which included lower sales.
The company booked EBITDA of US$270m for the six months to the end of June, down 1% on a year earlier. However, its EBITDA margin rose from 43% to 49%, with its gross margins and operating margins also higher.
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Revenue dropped 14% to $551m thanks to the depreciation of the hryvnia versus the US dollar, MHP's reporting currency.
MHP made a net loss of $61m, which included $254m in non-cash losses from foreign exchange translation. The result compared to a loss of $270m a year earlier.
CEO Yuriy Kosyuk said: "Despite challenging situation in Ukraine, the company step by step continues to develop. Notwithstanding significant hryvnia depreciation since the beginning of 2015 – from 15.77 to 21.61 UAH per USD – our company managed to deliver stable financial results with EBITDA of 49% in H1 2015. Production of poultry meat grows in line with our plans."
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