MHP’s bottom line for the first nine months of the year has been hit by a negative foreign exchange impact.
For the first nine months ended 30 September, the Ukrainian poultry processor posted a loss of US$302m compared with a profit of US$150m for the same period last year.
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Operating profit increased 61% to US$381m as a result of higher production and lower production costs. Sales however, fell 4% to US$1.03bn year-on-year.
For the third quarter of the year, the group made a loss of US$32m compared with a profit of US$60m. Operating profit rose 71% to US$154m. But again, sales fell 6% to US$397m
Sales were pressured by an import ban by the Customs Union in February and a temporary suspension of the Shahtarska breeding farm as a result of regional hostilities.
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Despite these challenges, CEO Yuriy Melnyk said the company was “confident” it would deliver “strong operational and financial performance in 2014 and beyond”.
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