Milkyland incurred losses of EUR 28 Ml due to the hryvnia devaluation
2014-05-22 11:17:41
Milkyland, a dairy group having assets in Ukraine, Russia, and Poland, closed the period of January-March 2014 with a consolidated net loss of EUR 24.65 Ml compared to a EUR 0.98 Ml net profit posted at the same time last year. The reason was devaluation of the regional countries’ currencies, first of all the Ukrainian hryvnya. According to the company’s report published on Monday, it lost a total of EUR 46.79 Ml due to negative currency differences compared to a EUR 4.35 Ml net profit in January-March 2013. At the same time, Milkyland managed to increase proceeds by 8.8% to EUR 77.29 Ml in Q1. The company’s gross profit sagged by 0.4% to EUR 14.4 Ml with its operational profit down 39.1% at EUR 1.66 Ml.