Ukrainian producer MHP posts Q2 results
Higher demand for chicken meat boosts revenue and profits.
Ukraine's MHP S.A. announced that its consolidated revenue in the second quarter went up 27% to UAH 1,298 million compared with UAH 1,019 million in the same quarter last year. However, in terms of the US dollar, revenue declined 17% to US$169 million, compared with US$205 million in 2008 due to a 53% depreciation of the Hryvnia against the US dollar.
The firm's net income for the second quarter decreased 11% to UAH 390 million, compared with UAH 437 million last year. In dollar terms the decline was 42% to US$51 million, compared with US$88 million last year.
Demand for chicken meat in the Ukraine during the first half of 2009 remained high as consumers continued to substitute locally produced chicken for other meat, resulting in sales of nearly 100% of the chicken produced by MHP.