MHP boosts 2009 revenue 33% in hryvnya terms

Mironivskiy Hliboproduct (LSE: MHPC LI) announced its preliminary financial and operating results for 2009 this morning. Last year, the company increased its hryvnya-denominated sales by 33% to UAH 5.55 bln (down 11% in USD terms, to USD 711 mln). In 2009, the poultry producer preserved its  high EBITDA margin at 38% (2008: 39%) despite the cancellation of direct government subsidies and reported EBITDA of UAH 2.11 bln, up 29% (USD 271 mln, down 13%). The company’s profit from continuing operations came to UAH 1.25 bln (USD 160 mln) vs. loss of UAH 0.15 bln (profit of USD 15 mln) in 2008. Andriy Gostik: MHP’s USD-denominated sales beat our projections by 48% and EBITDA by 30%. We will likely make an upward revision to the company’s financial projections for 2010.