Agro-industrial company MHP S.A (MHPC.L) Friday reported a decline in the first quarter profit impacted by increased production costs for chicken meat, flat domestic poultry prices and a reduction in the average price of chicken meat due to a higher proportion of export sales.
For the quarter the company posted profit of $36.31 million, down from $47.89 million reported for the same period last year. On a per share basis profit was $0.33 compared with $0.43 last year.
The company clocked a revenue of $303.6 million, up from $297.56 million a year earlier. Cost of sales however, climbed to $230.59 million from $201.5 million reported a year earlier.
Looking ahead the firm said, the increasing production capacity of both chicken meat and grain crops will enable it to increase annual sales, particularly through the growth of export sales.
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