MHP EBITDA falls 16% yoy in 1H13

Leading Ukrainian
poultry producer MHP (MHPC LI) reported on August 29 revenue of USD 656 mln in 1H13, keeping
it flat yoy, while EBITDA fell 16% yoy to USD 193 mln, and net income dropped
47% yoy to USD 90 mln. Sales of chicken meat increased 13% yoy to 205.3 kt in
1H13, though the average chicken meat price declined 5% yoy to UAH 16.26 per
kg, as a result of larger share of export sales. Revenue from grain sales
plunged 83% yoy to USD 10 mln. The company’s EBITDA and net income in 1H13 were
negatively influenced by higher fodder costs, the company said.