By Anthony O. Goriainoff
MHP SE said Thursday that revenue rose for the fourth quarter of 2021 as well as for the year, and that it was suspending the dividend due to the war in Ukraine.
The company, which is the parent of an international agro-industrial group with headquarters in Ukraine, said that there remains extreme uncertainty in reference to the war in Ukraine, and that it was not able to provide any guidance for the year.
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The company said that revenue for the fourth quarter rose 46% to $725 million, and 24% for the year to $2.37 billion. The company said this was mainly due to a rise in the sale of meat.
The company reported a swing to net profit for the quarter of million, compared with a net loss of million for the fourth quarter of 2020.
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MHP SE also swung to net profit for the year, reporting $393 million, compared with a net loss of $133 million in the year prior.
“Due to global shortages, which are expected to continue into 2023, prices of both poultry and grain are expected to remain at high levels at least for the rest of 2022, although for MHP the positive effect of higher prices will be partly offset by strong cost inflation, for example in utilities, energy and essential commodities, in addition to more costly logistics solutions,” the company said.
Write to Anthony O. Goriainoff at [email protected]
Credit: www.marketwatch.com /