Worsening financial performance for Ukraine’s largest poultry processor
Ukraine’s largest poultry processor, MHP, saw its net profit plummet nearly threefold due to the devaluation of the hryvnia and a surge in conflict-related costs.
During the first quarter of 2024, MHP generated a net profit of US$16 million compared with US$49 million in the previous year, the company said in its quarterly report.
Also: Outlook grim for Ukraine poultry industry
The decline was primarily attributed to a sharp devaluation in Ukraine’s local currency, the hryvnia, resulting in a foreign exchange loss of US$40 million compared to a modest profit of US$4 million in the first quarter of 2023, the company said.
“War continues to have a major impact on company operations,” MHP said, citing the continuing drone and rocket attacks and power outages as key challenges. “We have made arrangements for electricity outages and have alternatives ready to replace the supply from the national energy network that remains under constant threat of bombardment,”
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