London-listed Ukraine poultry processor MHP has reported higher first-quarter sales and EBITDA – but saw foreign exchange losses hit its bottom line.
The company booked a 2% rise in revenue to US$309m for the three months to the end of March.
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Higher production volumes helped sales. Average chicken meat prices were down 4% on the first quarter of 2013.
The improved volumes and lower costs meant the group’s EBITDA climbed 45% to $106m.
However, the devaluation of the Ukraine hryvna during the quarter amid the turmoil in the country left MHP with resulted in non-cash foreign exchange translation losses of $366m.
Net profit before those losses increased by 64% to $51m. After the forex impact, MHP posted a net loss of $316m, versus a profit of $36m in last year’s first quarter.
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By GlobalData
