Ovostar posted lower 1H 2020 net profit

Net profit of Ovostar Union in the first half of 2020 stood at USD 2.44 mln, a third lower from USD 3.66 mln in 1H 2019.

Total revenue for the six months of 2020 amounted to USD 44.6 mln, which is by USD 9.4 mln, or 17%, lower as compared to 2019 (6M 2019: USD 53.9 mln). 

During the 6 months 2020, shell eggs segment contributed USD 28.8 mln, or 65%, to the total revenue. The contribution of egg products segment made up USD 15.8 mln or 35%. The share of revenues from export sales in 6M 2019 was 43% (6M 2019: 52%).

The company's gross profit for the 6M 2020 equalled USD 7.7 mln (6M 2019: USD 7.6 mln).

EBITDA for the period fell by 18% YoY to USD 4.8 mln (6M 2019: USD 5.9 mln).

Previously reported that the Ovostar Union's subsidiary, Gallusman, was considering partnering with the energy company ADVEN in an investment project to build a modern egg production complex in Latvia.