MHP reports 143 percent net income increase first quarter 2012
Company expects to continue delivering strong results throughout year
Ukraine-based agro-industrial company MHP S.A.'s net income increased by 143 percent for the first quarter of 2012, reaching US$48 million compared to US$20 million in the first quarter of 2011, according to the company's latest financial report.
During the quarter, consumer demand for chicken remained high; all MHP’s poultry production units continued to operate at 100 percent of capacity and the company was able to sell close to 100 percent of the chicken produced. Sales volumes of chicken meat to third parties increased by 1 percent and reached 85,040 metric tons compared to 84,300 metric tons in the first quarter of 2011, according to the report.
Export sales of chicken in the first quarter of 2012 increased by almost 70 percent compared to 2011 numbers and constituted around 12 percent of total sales volumes. The company continued development of new export sales markets. "Looking ahead, demand for our products is high and the overall market environment in Ukraine remains favorable for our business," said Yuriy Kosiuk, CEO of MHP. "We are therefore confident that we will be able to continue to implement our strategy and keep on delivering strong financial results.”