Ukraine egg supplier Avangardco saw profits drop 51% in the first half of 2014, hit by the devaluation of the hryvnia.

Avangardco booked net profit of US$52m for the six months to the end of June, down from $105.6m a year earlier.

The company pointed to the drop in the value of the hyrvnia against the US dollar, its reporting currency.

Avangardco’s operating profit was down 44% at $67.9m, with higher marketing costs also having an impact.

The London-listed firm also saw sales fall 14% to $262.9m. Again, the currency devaluation was the key factor but the business also reported lower sales of shell eggs to third parties and a fall in dry egg prices.

“We cannot fully counterbalance the negative effect of the national currency devaluation against the US dollar and now expect softer financial results in the US dollar terms, our reporting currency, for the full year compared to 2013,” CEO Irina Marchenko said.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“In the current environment, the company leverages all available resources to effectively support the operations and reduce the impact of the negative factors affecting our business”.