Ukraine: Poultry producer MHP reports 1st quarter figures
MHP, one of the leading agro-industrial companies in Ukraine, focusing on the production of poultry and the cultivation of grain, has announced its pre-close trading update for the three months ended 31 March 2011.
Poultry Related Operations
During the first quarter of 2011, the volume of chicken meat sales to third parties increased by 2% compared to the first quarter of 2010, reaching 84,300 tonnes as a result of the production volume increase due to more effective usage of existing capacity.
As usual, all the Company’s existing poultry production facilities continued to operate at full capacity during the first quarter of 2011. Consumer demand for chicken remained high and the company was able to sell close to 100% of the chicken meat produced.
The average chicken meat price through the first quarter of 2011 increased by 4% to UAH 12.83 per kg. of adjusted weight (excluding VAT) when compared to Q1 2010, in line with global meat market trends.
Poultry production costs in Q1 2011 rose slightly in UAH terms compared to Q1 2010 due to the increase of grain and utility prices, which was partially compensated by the lower cost of hatching eggs. Since H2 2010, the Company became self-sufficient in hatching eggs, compared to Q1 2010 when approximately 25% of hatching eggs had to be imported at extra expense.
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