Ukraine's Avangardco has announced its financial and operational results for the three months ended March 31.

Revenue at the company increased by 6.3 percent year-on-year to stand at US$155.8 million, while net profit declined by 16 percent year-on-year. Export revenues were up by 80 percent and accounted for 23.1 percent of revenues.

"In the first quarter of 2013, the company demonstrated 6.3 percent growth in revenues, mainly as a result of the two times increase in dry egg products sales compared to the first quarter of 2012," said Avangardco CEO Irina Marchenko. "However, the company experienced a decline in its profitability as a result of the decrease in average sales price of shell eggs due to the later arrival of Easter this year."

Production of shell eggs was 6.6 percent higher during the quarter, while the average sale price of shell eggs fell by 8.1 percent. Production of dry egg products grew slightly by 0.3 percent.

Avangardco's total flock grew by 4.6 percent year-on-year to 27.2 million birds, while the number of laying hens grew by 8.8 percent.

The company is expected to continue increasing its flock size this year and the volume of eggs it produces.