Ukrproduct increases revenue 8.7% yoy in 2008.

Yesterday Ukrproduct Group (UKR LN) released its unaudited consolidated IFRS financial results for 2008. The company increased its consolidated revenue 8.7% yoy to GBP 52.3 mln, and gross profit by 3.4% yoy to GBP 10.8 mln. Ukrproduct’s EBITDA declined 13.4% yoy to GBP 4.8 mln (margin of 9.1% vs. 11.4% in 2007). The company’s profit before tax was down 30.2% yoy to GBP 2.3 mln (margin of 4.4% vs. 6.8% in 2007). The company said it had sufficient cash to meet current debt obligations in the short and medium term; its cash balance was GBP 0.69 mln as of end-2008.