Brief: Milkiland H1 EBITDA 6.4 mln euros, down 53%

Mlk Foods Public

31/08/2015 06:19

Aug 31 (Reuters) - Milkiland NV  MLK.WA : 
    * Said on Friday that it reported H1 revenue of 97.7 
million euros ($109.95 million) versus 149.8 million euros a 
year ago, a decrease of c. 35 pct y-o- due to devaluation of 
Ukrainian hryvnia and Russian rouble against euro 
    * H1 EBITDA was 6.4 million euros versus 13.5 million euros 
a year ago 
    * Said a 53 pct decrease in EBITDA was due to pressure put 
by lower EUR-denominated revenue and the higher share of raw 
milk costs in the total revenue on the gross margin in the first 
half of 2015 
    * H1 net loss was 23.9 million euros versus a loss of 26.7 
million euros a year ago 
    * Said macroeconomic situation in Russia and Ukraine 
affected the company's  operations in H1 2015 
    * The access to its main export market of Russia remained 
limited, since restrictions against Ukrainian dairy export, as 
well as food export from the EU, were not lifted by Russian 
authorities due to continuing tensions between Russia, Ukraine 
and the EU 
    * Said these restrictions triggered the decline of Ukrainian 
dairy export to Russia by half in H1 2015 
    * Said posted 23 percent decline in revenues in H1 2015 in 
comparison with the same period of 2014 in whole-milk product 
segment, driven by devaluation of the group's main operational 
currencies and about 6 percent decrease of sales volumes 
    * Revenues in cheese & butter segment in the first six 
months of the year dropped 44 percent mostly on the back of the 
decline of cheese export sales to Russia by a half  
 
     
 Source text for Eikon:  ID:nEM2899546  
     
 Further company coverage:  MLK.WA   
    
 
 
 
($1 = 0.8886 euros) 
 
 (Gdynia Newsroom) 
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