Ovostar reports drop in 2014 profit

19-05-2015 | |
Ovostar reports drop in 2014 profit

Ukrainian producer of eggs and egg products, Ovostar Union finished 2014 with a profit of US$ 25,835 million, which is 17% less than the year before, according to an official company report.

The total revenue over the last year decreased by 7% to US$ 74.78 million, the sale of eggs brought US$ 51.365 million and egg products US$ 20.03 million. Gross profit decreased to US$ 26.815 million from US$ 34,460 million in 2013, while the operating profit to US$ 25.38 million from US$ 32.346 million. EBITDA fell by 20% to US$ 29.1 million.

Plans to increase egg production despite drop in profit

Despite this, in 2015 the company plans to increase egg production by 20.4% to 1.25 billion units. The financial report says that Ovostar expects to reach a production volume of 1.6 billion units. The report also says that by the end of last year, the total debt portfolio of Ovostar Union was US$ 9.51 million.

2014 was still a good year for egg export and egg production

At the same time in 2014, the company produced 1.038 billion eggs, which is 16% more than in 2013. Export volumes increased by three times – up to 89 million units. The sale of eggs increased by 25% – up to 733 million pieces and export volumes tripled from 30 million units in 2013 to 89 million units in 2014.

Vladislav Vorotnikov Eastern European correspondent