Shares in Ukrproduct, the Ukrainian producer of branded dairy foods and beverages, have dipped after the group said it will report a loss for 2014.

In a trading update, the firm said despite an expectation of a “sizeable” year on year increase in EBITDA and operating profit, the “significant” hryvnia devaluation has “offset such operating improvement via a negative foreign exchange difference charge”.

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Reporting on individual segments, the group said branded dairy products were challenged by the market situation and sales are expected to be lower year-on-year. In butter there was a decrease in volumes and revenues but margins did improve. Hard cheese sales were hit during the year.

Skimmed milk however is expected to show a robust 62% increase in sales as a result of increased focus on export demand.

Shares in Ukrproduct fell 7.65% to 7p per share today (23 December) at 17:21 GMT.

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