Ovostar Union reduces net profit for 9M 2017 by 35%

Ovostar Union's net profit for the 9 months of 2017 amounts to USD 7.95 million, which is 34.91% less than for the same period last year.

The company's report shows that the total revenue in 9M 2017 amounted to USD 60.2 million (up by 12% y-o-y from USD 53.7 million). 

"The egg segment generated USD 41.2 million of total revenue and contributed USD 5.3 million to profit before tax. The egg products segment generated USD 18.2 million of total revenue and contributed USD 2.8 million to profit before tax. Oilseed processing segment generated USD 0.77 million of revenue," the report states.

Gross profit amounted to USD 15.2 million, a 6% decrease compared to 9M 2016. Operating profit decreased by 18.54% and made up USD 10.08 million.

EBITDA amounted to USD 12.2 million, a 14% decrease year-on-year. Increasing export sales resulted in higher selling and distribution costs.

Reference: Ovostar Union for 9M 2017 increased the export of eggs by 47%. The export of dry egg products grew up by 47% to 1 407 tons (68% share in total sales), the export of liquid egg products increased by 34% to 2 444 tons (41% share in total sales).