Ukrainian poultry and grain company Myronivsky Hliboproduct (MHP) reported a net profit of US$165 million, down from the net profit of US$231 million reported during the same period during the previous fiscal year.

However, in terms of the first half of the fiscal year, the company saw a substantial turnaround, going from a net loss of US$61 million to a net profit of $165 million.

During the second quarter, MHP saw a 9 percent increase in poultry production volumes, hitting 149,935 metric tons. Its chicken meat exports also increased by 36 percent to 54,400 metric tons, as a result of increased exports to the European Union, Middle East and African countries.

The average chicken meat price also increased by 5 percent on a year-over-year basis.

However, MHP said it faced financial challenges due to lower export prices and the devaluation of the Ukrainan Hryvnia.

“Despite the ongoing challenging situation in Ukraine, the company gradually continues to develop as planned,” MHP CEO Yuriy Kosyuk stated in a press release. “Our poultry division expanded as forecast totally in line with plants, and is expected to grow in volume further in the second half of the year.”

The second quarter ended on June 30.