MHP boosts revenue 25% yoy in 3Q09

Mironivskiy Hliboproduct (MHPC LI) released its 9M09 and 3Q09 unaudited financial results this morning. In 3Q09, the company posted revenue of UAH 1.5 bln, up 25% yoy (in US dollars, USD 198 mln, down 22% yoy); EBITDA of UAH 547 mln, up 37% yoy (USD 16 mln, down 53% yoy); and net income of UAH 103 mln, down 69% yoy (USD 13 mln, down 81% yoy). MHP increased all its key financial indicators yoy in 3Q09 in local currency. In 9M09, the figures were: revenue of UAH 3.9 bln, up 24% yoy (USD 502 mln, down 21% yoy); EBITDA of UAH 1.5 bln, up 27% yoy (USD 197 mln, down 19% yoy); and net income of UAH 791 mln, down 11% yoy (USD 103 mln, down 43% yoy). In 9M09, MHP’s consolidated EBITDA margin increased to 39%, vs. 38% in 9M08. MHP announced monthly chicken production volumes in September 47% greater than in January. The company increased chicken meat sales in 3Q09 by 47% yoy to 76 ths mt.  Andriy Gostik:  The reported figures are consistent with our full-year projections for the company’s sales of USD 600 mln. At the same time, based on the interim financials, we will be revising downward our forecasts for EBITDA (from USD 326 mln) and net income (from USD 215 mln).