MHP releases financials for 2008

According to the press-release of Mironivskiy Hliboproduct (MHPC LI), in 2008 the company increased sales by 69% yoy to USD 803 mln. The company’s EBITDA surged 88% to USD 312 mln, while net income dropped to USD 15 mln from USD 50 mln in 2007. The press-release notes that the bottom line was adversely affected by 50% depreciation of hryvnya against US dollar and resulting non-cash foreign exchange losses due to revaluation of the company’s foreign-currency debt.