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Ukrainian Poultry Maker MHP Sees Better Full-Year Results

Mironovskiy Hleboproduct SA, a Ukrainian poultry producer and agriculture company, expects better full-year results after chicken prices rose by 20 percent in the third quarter and demand for poultry continues to increase.

“Demand for poultry in Ukraine will be increasing,” said Chief Financial Officer Viktoria Kapelyushnaya in a phone interview in Kiev today. It is “driven by the fact that poultry in Ukraine is the cheapest animal protein source.”

Mironovskiy, which started trading in London in May 2008, posted a 40 percent increase in net income in the first nine months of the year to $281 million, the company said in an e-mailed report today. Poultry production rose by 4,000 tons to 295,000 tons in the nine-month period after the Vinnytsya complex started trial production in the third quarter.

MHP shares rose for the second consecutive day and gained 0.79 percent today at 4:21 p.m. in Kiev.

The third quarter became “a foundation for good year-end results,” Kapelyushnaya said.

Kiev-based MHP exports poultry to between 20 and 25 countries and also relies on sunflower oil exports for its foreign currency revenues, she said. The company collected 33 percent of its revenue in foreign currency in the first nine months, according to its report.

“We feel very comfortable, we are increasing foreign currency earnings,” Kapelyushnaya said. “This absolutely covers all our needs in servicing debt.”

Average chicken meat prices rose 9 percent in third quarter to 17.57 hryvnia ($2.13) per kilogram. MHP sold 147,100 tons of sunflower oil in the period at an average price of $1,100 a ton, 15 percent less than in the same period a year earlier, according to its report.

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