Ukraine dairy Ukrproduct has booked a sharp fall in first-half earnings on the back of higher financing costs.

The company said profit after tax was down 73% in the six months to the end of June, declining to GBP173,000 (US$280,969). Finance expenses doubled to GBP541,000. EBITDA was down 11% to GBP1.2m.

Sales during the period were hit by the “challenging” economic environment, dropping 3% to GBP24.6m.