Yesterday, Ukrproduct [UKR LN, U/R], one of the largest Ukrainian dairy producers, posted its financial results for 1H10. According to the Company’s data, net income decreased by 34% YoY to GBP 0.42 mln (1H09: GBP 0.63 mln). Revenue decreased by 5% YoY to GBP 20.65 mln (1H09: GBP 21.79 mln), profit from operations fell by 45% YoY to GBP 0.62 mln versus GBP 1.11 mln in 1H09. EBITDA fell by 31% YoY to GBP 1.15 mln (1H09: GBP 1.67 mln). The EBITDA margin fell by 2 p.p. to 5.5% in 1H10.