26th Sep 2018 17:35
LONDON (Alliance News) - Ukrproduct Group Ltd on Wednesday swung to a pretax profit in the first half of 2018 on gains from exchange rate movements.
The Ukrainian dairy products maker reported pretax profit for the six months to the end of June of GBP375,000, compared with a pretax loss of GBP42,000 recorded in the year ago period. Gains from movements in exchange rates totaled GBP793,000, versus a GBP230,000 loss.
Revenue dipped to GBP14.8 million from GBP14.9 million, due to a sales drop in the company's non-branded products division, offset by growth in other divisions.
The company noted that the business environment in Ukraine continuing to recover, growing by 2.5% in 2017 and expects economic growth to improve to 3.5% in 2018 and 4.0% in 2019.
"As part of a continuing process, Ukrproduct is evaluating its business in light of the competitive marketplace. Ukrproduct will seek to sustain operational improvement via a strategy focused on cash production, operating efficiency and building profitable sales with a competitive product/service offering," Ukrproduct said.
Shares in Ukrproduct closed down 12% at 4.60 pence on Wednesday.
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