Ovostar Union released financial report for the first quarter of 2014, indicating USD 32.6 million net loss
2014-05-20 15:30:17
According to the official report released by the holding, Ovostar Union ended first quarter of 2014 with growth of total sales revenue of 10.6% to USD 19.5 million compared to the same period on 2013. Revenue from revaluation of biological assets of the company has decreased by 49.7% to USD 1.0 million. Company also managed to decrease cost of sales to USD 10.7 million or -14.1% year-over-year. Operating expenses of the company were also lower by -14.1% to USD 1.7 million, while financial expenses were 3 times higher at USD 0.197 million. Loss due to devaluation of Ukrainian national currency constituted USD 40.5 million, leaving the company with a net loss of USD 32.6 million. The loss for the first quarter of 2014 is equal in value to the net income of the company for entire 2013.
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