Milkiland net loss in 9M 2018 grew to EUR 13.4 mln

The Milkiland company's net loss for the nine months of 2018 accounted for EUR 13.4 million contrary to net income of EUR 4.6 million in 9M 2017.

Operating loss of EUR 3.4 million in 9M 2018 resulted in the EBITDA decrease by 45% to c. EUR 4.5 million. At the same time, EBITDA margin declined by 3.1 pp. to 4.6%.

Milkiland’s revenue in 9M 2018 declined 7% y-o-y to EUR 98.8 million on the back of currencies devaluation on both main operating markets of the Group in Russia and Ukraine.

Ukraine contributed 29% to the Group’s revenue in 9M 2018 (flat y-o-y). Segment’s revenue decreased by 7% to c. EUR 29 million, mainly due to selling volumes contraction triggered by lower processing volumes.

Previously the company informed about a net loss of c. EUR 2.5 million in H1 2018 contrary to the net profit of c. EUR 1.6 million in the same period of the year 2017.