Milkiland's net profit in Q1 2018 increased twofold

Milkiland's net profit for the three months of 2018 accounted for EUR 2.4 million compared to net profit of EUR 1.1 million in Q1 2017, the company informs.

"Milkiland’s revenue in Q1 2018 declined 19% y-o-y to EUR 30.1 million on the back of the decrease of the Group’s output (-39% y-o-y) based on the efforts on support of the profitability of the Group’s business," the report writes.

The Group’s gross profit declined by 23% to c. EUR 5.3 million vs EUR 6.82 million in Q1 2017.

"In the first quarter of 2018, financial expense related to bank borrowings declined 30% thanks to currency translation effects. The non-cash foreign exchange gains totaled EUR 4.6 million (compared to zero in Q1 2017)," the company informs.

Earlier it was reported that Milkiland had cut net loss 5.3 times in 2017.