OREANDA-NEWS. November 19, 2009. In 9M09, Myronivsky Hliboproduct < MHPC LI BUY > increased its net sales by 24%, y/y to UAH 3,884mn, which, however, constitutes a 21% decrease, y/y in US dollar terms. Meanwhile, MHP Net Income (NI) fell by 11%, y/y to UAH 791mn in hryvnia terms and by plummeted 43%, y/y in US dollar terms. The Company also announced that Phase Two of the Myronivka poultry farm reached its full capacity in 3Q09, producing 27.5 thousand tones of chicken meat per month.

Millennium Capital: despite the fact that MHP output lies in line with our forecasts, the Company financials are slightly lower than we expected. This can be accounted for by a slight decrease of chicken meat prices in 3Q09, which took a toll of the Company Net Sales. Additionally, the hryvnia devaluation (by 7% in 3Q09) led to MHP foreign exchange losses, decreasing the Company’s dollar NI. Still, MHP maintains its previously attained leading position among the domestic poultry producers.