UBM Books First-Half Profit of HUF 1.7Bn

Hungary's biggest feed company, UBM, had after-tax profit of HUF 1.7 billion in the first half of its business year started July 1, improving from a HUF 1.3 billion loss in the base period, an earnings report posted on the website of the Budapest Stock Exchange on Tuesday shows.

Revenue climbed 14% to HUF 131.6 billion.

UBM noted that it had signed a memorandum of understanding on the acquisition of a controlling stake in EL.VI.Z. A.E, Greece's third-largest feed company. Under the MoU, UBM would acquire a 65% stake immediately and a further 35% within three years.

UBM also said talks with Kazakh peer KazFoodProducts had closed, paving the way for the planning of a joint premix plant, with annual capacity of 48,000 tons, in the Almaty region.