Ovostar sees 19% rise in net profit in Jan-Sept

Ovostar sees 19% rise in net profit in Jan-SeptOvostar Union, a leading eggs producer in Ukraine, saw a 19% rise in net profit in January-September 2015 year-over-year, to $22.326 million, the company said in a report on the Warsaw Stock Exchange (WSE) on Wednesday.

Revenue grew by 1%, to $52.777 million, and gross profit rose by 11.4%, to $22.054 million.

The company said that its revenue grew mainly due to growth in volumes produced, steady recovery of UAH prices on the local market, and the increasing share of export sales

Operating profit increased by 25%, to $22.639 million, and earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 15%, to $24.271 million. The EBITDA margin reached 42% (40% year-over-year).

Over the first nine months of 2015 the operating cash flow of the group increased to $15.595 million ($13.009 million year-over-year). Following the group’s organic growth strategy, the volume of cash flow used in investing activities amounted to $8.618 million ($14.586 million year-over-year).

In January-September 2015, cost of sales decreased by 8% to $32.599 million due to lower prices on feed components.

Asset value decreased by 0.54%, to $101.076 million. Current assets rose by 10%, to $36.967 million and non-current assets – by 6%, to $64.109 million.

Total assets over the period grew by 32%, to $21.793 million and total equity decreased by 7%, to $79.283 million.

Source: Interfax-Ukraine
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