Ovostar sees increased revenue in Q1

Ukrainian poultry processor Ovostar Union has reported strong growth in sales of its production in the first quarter of 2015 amid the development of export supplies. The company also boosted revenue in Hryvnias, as the country’s currency faced devaluation in recent months.

According to the report, Ovostar saw its total flock increase 16% to 5.6 million hens, with laying birds reaching 4.5 million. At the same time shell egg sales and prices skyrocketed to 44% and 62% respectively. Eggs prices from April last year jumped from UAH 0.73 (US$ 0.12, based on last year’s exchange rate) to UAH 1.19 (US$ 0.05 based on the current exchange rate).

Thus, the price of eggs in hard currency dropped through the devaluation of Hrvynia. The report also says that sales of dry eggs and subsequent exports advanced considerably and were worth double year on year at UAH 98.34 (US$ 4.61).

The head of Ovostar, Borys Bielikov also noted the results had come against a backdrop of “serious devaluation” of the national currency. “Additional volumes of our produce have been directed to export to increase foreign currency denominated revenue and secure stable results,” he said. “We also plan to maintain this trend in the future” he added.