Profits at Ukraine egg processor Avangardco slumped in the first quarter of the year as the company felt the impact of the devaluation of the country’s currency, the hyrvnia.

Net profit fell 23% to US$46.8m, with EBITDA down 17% at $60.9m, the London-listed company said today (23 May). Revenue slid 2% to $151.2m. 

“Revenue in our main business segments, shell eggs and dry egg products, increased by 7% year-on-year as a result of doubling of the production and sales of dry egg products. However, our consolidated revenue declined by 2% year–on-year due to the impact of the Ukrainian hryvnia devaluation against the US dollar, our reporting currency,” CEO Irina Marchenko said.

However, Avangardco, which claims to be the number one egg producer in Eurasia, noted exports jumped 71%. Sales outside Ukraine accounted for 40% in the quarter, up from 23% a year earlier.

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By GlobalData