MHP increases revenue by 23% y-o-y to USD 247 mln in 1Q11

MHP (LSE: MHPC LI) announced its 1Q11 financials yesterday: sales increased by 23% y-o-y to USD 247 mln, EBITDA by 15% to USD 57 mln (a margin of 23%, down 2pp y-o-y), while net income decreased to USD 20 mln for the period vs. USD 36 mln a year before. The company attributed its sales growth to both sunflower oil price growth and single digit growth in poultry revenues, and the net income decline mainly to non-cash foreign exchange losses driven by the increase in the Euro to Dollar exchange-value correlation.