Avangard export revenue from eggs sales for Q1 2018 up 127%

Avangard Agroholding's export revenue from sales of shell eggs and dry egg products rose by 127% YoY and amounted to USD 17.3 mln, or 42% of the company’s consolidated revenue (Q1 2017: USD 7.6 mln, or 22% of the company’s consolidated revenue).

Consolidated revenue amounted to USD 41.1 mln, an increase of 21% YoY (Q1 2017: USD 34.0 mln).

The company informs that the gross loss amounted to USD 3.6 mln (Q1 2017: gross loss of USD 1.6 mln).

Operating loss made up USD 12.8 mln (Q1 2017: operating loss of USD 3.7 mln). Negative EBITDA was USD 9.1 mln (Q1 2017: positive EBITDA of USD 0.1 mln).

Net loss amounted to USD 11.4 mln (Q1 2017: net loss of USD 5.3 mln).

"In Q1 2018, AVANGARDCO reported higher consolidated revenue driven by stronger export sales of shell eggs and dry egg products as its export share grew to a record 42% of the Company’s total sales. We also saw further improvements in market conditions, including growth in sales price for shell eggs in both export and domestic markets. However, our gross profit was negatively affected by two main factors: an increase in domestic prices for key feed components (grain and oil crops), accounting for c.68% of the Company’s сost of sales of shell eggs, along with weak prices for dry egg products in both Ukraine and globally," Nataliya Vasylyuk, Chief Executive Officer of AVANGARDCO IPL, commented.

Previously the company reported that in 2017 its net loss narrowed eightfold to USD 7.5 mln (2016: net loss of USD 56.6 mln).