- Avangardco Investments reported wider losses as revenues were offset by rising costs and the loss of income from government grants and incentives.

For 2018, the operating loss widened to US$15.9m from US$3.8m a year earlier and revenue increased by 33% to US$169.9m.

Cost of sales rose by 32% to US$178.0m amid increased sales and the higher costs of its components such as grain and oil crops, packaging materials.

The impact of profits of rising costs were compounded by higher general, administrative and distribution expenses 'due to increased sales as well as no income from government grants and incentives in the reporting period,' the company said.

'In 2018, the business environment remained broadly favourable both domestically and internationally. AVANGARDCO IPL increased its export of shell eggs by 47% YoY to 822 million units and doubled YoY its export of dry egg products to 5,708 tonnes,' said Nataliya Vasylyuk, Chief Executive Officer of AVANGARDCO.

'In the reporting period, the share of export sales reached 39% of the consolidated revenues. This growth in the Company's exports was driven by significant demand for our products globally.'

'Going forward, we will continue to focus on improving the Company's operational profitability whilst further pursuing our sales expansion strategy. 2019 is a crucial year for us, as the Company continues negotiations with its creditors regarding the restructuring of its debt obligations with an aim of finding a mutually beneficial and timely solution, which will ensure the Company's financial stability.'

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