Ukraine’s Avangardco Says Profit Dropped on Low Shell Egg Price
Avangardco Investments Public Ltd. (AVGR), a Ukrainian egg producer, said its net income fell 16 percent to $60.7 million in January through March as average whole-egg prices declined.
The average price for whole eggs fell 8.1 percent in the first quarter of the year, while the price for powdered egg products rose 4.1 percent, Avangardco said in an e-mailed statement today.
First-quarter revenue rose 6.3 percent to $155.8 million, mainly from higher volume of powdered egg product sales, according to Avangardco. Earnings before interest, tax, depreciation and amortization fell 13.3 percent to $73.1 million, with an Ebitda margin of 46.9 percent.
Export revenue rose 80 percent from the same period a year earlier, accounting for 23.1 percent of total revenue.
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