IMC Posts USD 10.7 Million Loss For Q1, Cuts Revenues By 35.2% To USD 38 Million

In January-March 2022, Kyiv-based Industrial Milk Company agricultural holding (IMC) incurred a loss of USD 10.667 million against a profit of USD 1.414 million for the same period last year.

The company has said this in a statement, Ukrainian News Agency reports.

IMC's net revenues in Q1 2022 compared to the same period in 2021 decreased by 35.2%, or USD 20.6 million, to USD 37.97 million.

Also, the company ended the 1st quarter of 2022 with a negative EBITDA indicator (Earnings before Interest, Taxes, Depreciation, and Amortization) of USD 125,000 (in the 1st quarter of 2021, EBITDA amounted to USD 8.876 million).

As Ukrainian News Agency earlier reported, in 2021, IMC increased its net profit 2.5 times, or by USD 47 million, to USD 78.71 million compared to 2020.

At the same time, revenues for the specified period increased by 12.6%, or USD 20.3 million, to USD 181.693 million.

Also in 2021, the company increased EBITDA by 53.6%, or USD 38.5 million, to USD 110.348 million compared to 2020.

The company was founded in 2007 by the former owner of the Cheese Club corporation, Oleksandr Petrov.

IMC cultivates 123,000 hectares of land in Poltava, Chernihiv and Sumy regions, growing corn, wheat, sunflower, soybeans on them, and is also engaged in the production of milk.