30th Sep 2016 12:15
LONDON (Alliance News) - Ukrproduct Group Ltd on Friday reported a flat pretax loss in the first half of 2016, but revenue declined in a challenging Ukrainian market.
The Ukrainian dairy food and beverage producer said its pretax loss in the six months to the end of June stayed flat year-on-year at GBP1.1 million, although revenue decreased to GBP8.2 million from GBP9.8 million.
Ukrproduct said its results were hit by "a devalued currency, geographically contracted marketplace and consumers now pressured further by inflation", providing a challenging business environment.
Costs were contained, however, via productivity, Ukrproduct said.
"The group targets a return to profitability as the market place continues to work towards stabilisation. Our markets will however remain competitive. Ukrproduct's strategy as detailed earlier is to target segments with differentiated products and services. In particular, pursuit of growth opportunities in beverages and export and improving the cost and service efficiency of the supply chain," the company said in a statement.
Shares in Ukrproduct were untraded on Friday, last quoted at 2.55 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Ukrproduct