Reuters logo
Ukraine's Avangardco blames Q1 profit dip on Syria, late Easter
May 30, 2013 / 7:23 AM / 5 years ago

Ukraine's Avangardco blames Q1 profit dip on Syria, late Easter

KIEV, May 30 (Reuters) - Avangardco, Ukraine’s largest egg producer, posted a 16 percent fall in first-quarter net profit on Thursday hit by suspended exports to Syria and lower domestic prices due to the late arrival of the Easter holiday.

“The company decreased its export volumes of shell eggs by 7.4 percent year on year to 102.6 mln units due to the suspension of shipments to Syria as a result of the conflict in the region,” it said.

“As of today, exports to Syria have resumed.”

Avangardco’s revenues grew 6.3 percent.

“However, the company experienced a decline in its profitability as a result of the decrease in the average sales price of shell eggs due to the late arrival of Easter this year in the second quarter of 2013,” Chief Executive Officer Irina Marchenko said in a statement.

Avangardco said its average egg sales price fell 8.1 percent in the quarter.

Most of Ukraine’s Orthodox Christians celebrate Easter on the first Sunday after a full moon that follows April 3 and that can occur any time between April 4 and May 8.

Celebrations include decorating Easter eggs and cooking special foods, many of which use eggs.

Avangardco said it hoped to improve its results in the full year by boosting production and sales at home and abroad.

“We believe all these factors combined will have a positive impact on the company’s financial results in 2013,” Marchenko said. (Reporting by Olzhas Auyezov; editing by Jason Neely)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below