Avangardco Investments Public Limited reported consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported EBITDA of $13.2 million compared with $7.2 million a year ago. Reported net profit was a little over $1 million. Revenue was $55.2 million compared with $97.0 million a year ago. The decrease was as a result of lower sales of shell eggs and dry egg products alongside the decreased average sales price in dollar terms for both products. Operating profit was $7.7 million compared with operating loss of $19.8 million a year ago. Net profit was $1.1 million compared with net loss of $47.6 million a year ago, driven by increased operating income and lower FX losses.

For the nine months, the company reported EBITDA loss of $84.3 million compared with EBITDA of $108.6 million a year ago. Revenue was $176.5 million compared with $354.7 million a year ago. This was attributed to two main factors: lower sales of shell eggs and dry egg products which were down by 34% and 45% respectively and the devaluation of the Ukrainian hryvnia against the US dollar. Operating loss was $102.1 million compared with operating profit of $67.6 million a year ago. This loss is largely attributed to a write down in the first half of 2015 of sub-standard raw material inventories and inventories of finished goods with expired shelf life, provisions for doubtful debts and funds deposited with the Financial Initiative bank due to its insolvency. Net loss was $150.5 million compared with net loss of $5.7 million a year ago. Net cash flow from operating activities decreased to $6.8 million compared with $41.2 million a year ago, due to the reduced operating profit and increased inventories. As on September 30, 2015, the company's net debt was $298 million. Loss before tax was $152.99 million compared with $5.5 million a year ago. Loss attributable to owners of the company was $146.1 million or $23 per basic and diluted share compared with $5.4 million or $1 per basic and diluted share a year ago. Payments for property, plant and equipment was $32.5 million compared with $55.0 million a year ago.

For the quarter, the company's total eggs production was 843 million units compared to 1,434 million units a year ago.

For the nine months, the company reported year-on-year decline in production reached 47%, and production totaled 2.735 million eggs for the period. As compare 9 months results between 2015 and 2014, the company realize and admit that the decline in operating and financial performance indications was largely due to a reduction in total flock size and laying flock size, and as a consequence, reduction in production and sales to third parties.