AVANGARD reduced a net loss by 46% for 9M 2017

AVANGARDCO IPL reduced the net loss for 9M 2017 by 46.39% to USD 20.8 million.

Consolidated revenue amounted to USD 84 million, which is 24% lower than for the same period last year. Revenue from the export of eggs and egg products amounted to USD 21.4 million, or 25% in the company's consolidated revenues (9M 2016: USD 48.1 million or 43%), as it is stated in the company's report.

Gross loss amounted to USD 22.1 million against USD 3.2 million of gross profit for the same period last year.

EBITDA totaled USD 12.2 million (9M 2016: USD 10 million).

"In the reporting period, AVANGARDCO’s performance continued to be impacted by challenging conditions in the domestic and export markets which led to reduced revenue and profitability. However, we saw a gradual recovery in Q3 2017, driven by seasonal growth in consumer demand for shell eggs in Ukraine and its sales price, as well as the resumption of sales to the Company’s traditional export markets. As part of our efforts towards further cost optimisation, the Company has replenished its laying flock, which resulted in higher productivity. We expect that these positive developments will continue throughout Q4 2017, with these improvements expected to be reflected in the Company's performance in H2 2017," Nataliya Vasylyuk, Chief Executive Officer of AVANGARDCO IPL, commented.