Agro-industrial company MHP saw its first-half profits climb 23% today and said today (26 August) that it remains "confident" about its second-half results.

For the six months ended 30 June, net income reached UAH689m (US$85.3m) compared to UAH560m in the previous year.

In US dollars, however, net income fell by 20% to US$90m, as a result of the Hryvnia's depreciation against the US dollar.

Revenue also increased 23% in reach UAH2.34bn. In US dollars, revenue decreased by 20% to $304m.

EBITDA in UAH increased by 22% year-on-year to UAH976m, while in US dollars EBITDA dropped 21% to $127m.

The company said demand for chicken meat during the first half of 2009 remained high as consumers continued to substitute other meats with locally produced chicken. As a result, MHP was able to sell close to 100% of the chicken produced.

CEO Yuriy Kosyuk said: "We are very pleased with the strong performance during the first half of the year. We will continue to focus on increasing shareholder value by strengthening our vertical integration, managing our costs and growing our production volumes to cement our position as Ukraine's leading agro-industrial business.

"We are confident that the strong performance in the first half of the year will continue into the second half and that we will achieve a good set of financial results for the full year".