Avangardco Investments Public Limited reported consolidated earnings and production results for the second quarter and six months ended June 30, 2017. For the quarter, the company reported revenue of $20,549,000 compared to $24,822,000 a year ago. Operating loss was $14,219,000 compared to $26,521,000 a year ago. LBITDA was $10,175,000 compared to $22,556,000 a year ago. Net loss was $6,660,000 compared to $28,825,000 a year ago.

For the six months period, the company reported revenue of $54,706,000 compared to $64,777,000 a year ago. LBITDA was $8,984,000 compared to $12,608,000 a year ago. Loss from operating activities was $17,807,000 against $20,973,000 a year ago. Loss before tax was $13,475,000 against $35,476,000 a year ago. Loss attributable to owners of the company was $10,870,000 or $2.00 per basic and diluted share against $32,487,000 or $5.00 per basic and diluted share a year ago. Net cash used in operating activities was $476,000 against $752,000 a year ago. Payments and receipts - property, plant and equipment were $961,000 against $11,091,000 a year ago. Net debt was $347.2 million.

For the quarter, the company reported production of shell eggs totaled 531 million units against 622 million units a year ago. The production of dry egg products amounted to 1,291 tonnes compared to 3,832 tonnes a year ago.

For the six months, the company reported production of shell eggs totaled 993 million units against 1,249 million units a year ago. The production of dry egg products amounted to 2,386 tonnes compared to 5,406 tonnes a year ago. The production volume of shell eggs decreased by 15% year on year in second quarter of 2017 and by 20% year on year in first half of 2017 due to the replenishment of the laying flock, which in first half of 2017 has not yet reached its peak of productivity. In second quarter of 2017, sales of dry egg products decreased by 77% year on year and in first half of 2017 by 56% year on year, this was mainly as a result of lower export sales.

Taking into account seasonal growth in demand and sales price for shell eggs typical for the second half of 2017, the company expects the laying flock will remain flat, with a slight increase in shell egg output driven by increased productivity of laying hens; A moderate increase in sales, dependent on the gradual recovery of consumer demand in Ukraine and further export diversification; Moderate growth in sales of dry egg products, including inventory sales formed in 2016, subject to the recovery in exports to the Far East and EU; Continued increase in sales across the company's distribution channels with a focus on higher margin supermarkets and additional export opportunities in existing and new markets.