Ovostar Reports Increased Revenue During First Nine Months of 2013

UKRAINE - Ukraine's egg and egg products producer Ovostar reports that the company's revenue increased by 34 per cent to US$54 million during the first nine months of 2013.
calendar icon 19 November 2013
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Gross profit increased by 14 per cent to USD 19,231 ths while gross margin amounted to 36 per cent compared to 42 per cent in 9 months of 2012.

During 9M 2013 EBITDA increased by 11 per cent to USD 17,741 ths while EBITDA margin reached 33 per cent compared to 40 per cent in 9M 2012.

Over the same period, operating profit of the Group increased by 10 per cent to USD 15,080 ths.

Selling expenses increased by 36 per cent to USD 3,344 ths in line with growth in volumes sold and administrative expenses increased by 52 per cent to USD 2,056 ths mainly as a result of administrative building reconstruction.

Over the reporting period the Group’s operating cash flow increased to USD 12,932 ths from USD 9,482 ths in 9 months of 2012.

Over the nine months of 2013 net profit increased by 5 per cent over the same period last year to USD 14,912 ths.

Investment programme update

During the nine months of 2013 Ovostar Union continued implementation of the investment programme in accordance with original schedule.

Management of the Group acknowledges possibility of a delay in putting the last poultry house of 300 ths hen places into operation on the Vasylkiv production site due to poor weather conditions in the beginning of October 2013.

As a result, the building may be launched in the beginning of January 2014 rather than December 2013.

Full effect of this production capacity expansion programme will be realized in 2014, yielding egg production volumes of 1.1-1.2 bln.

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