Ukrproduct 2020 Pretax Loss Narrowed
25 Giugno 2021 - 9:54AM
Dow Jones News
By Anthony O. Goriainoff
Ukrproduct Group Ltd. said Friday that its 2020 pretax loss
narrowed as revenue rose, and that it plans to pursue stronger
margins and further increase sales of processed cheese and
spreads.
The London-listed Ukrainian producer and distributor of branded
dairy foods and beverages said that management is in discussions
with the European Bank for Reconstruction and Development regarding
the nonrepayment of its quarterly loan tranche due June 1.
On that date, Ukrproduct entered into discussions with the EBRD
to restructure its loan repayment schedule as a result of the
company's pressure on working-capital requirements stemming from
increased raw-milk costs and the volumes increase required to meet
demand.
Ukrproduct said it was looking to increase its working-capital
facility provided locally in Ukraine.
The company said that pretax loss was 1.2 million pounds ($1.7
million), compared with a loss of GBP2 million for 2019.
Profit from operations--a key metric for the company--fell to
GBP838,000 from GBP1.5 million.
Revenue rose to GBP55.5 million from GBP50 million. The company
said this was a result of a revision of its sales strategy, with
spreads and processed-cheese sales showing the most pronounced
increases.
"Whilst Covid-19 creates significant economic uncertainty,
Ukrproduct expects to utilize its experience gained during the
pandemic, most notably from remote working, to streamline and
optimize certain administrative and operational processes," the
company said.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
June 25, 2021 03:44 ET (07:44 GMT)
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