Milkiland NV reported group earnings results for the first quarter of 2016. Absence of cheese exports from Ukraine and Poland to Russia, unfavorable pricing for dry milk products in the global dairy market, as well as further Ukrainian hryvnia and Russian rouble devaluation resulted in a 22% drop in the consolidated revenues of the Group in first quarter of 2016 to EUR 36.5 million. A significant cut in the S&D (32% year-on-year) and administrative expenses (23% year-on-year) slightly improved the Group's EBITDA from EUR 1.9 in first quarter of 2015 to EUR 2.0 million in first quarter of 2016, implying EBITDA margin of 5.6%, up 1.5% year-on-year. Noncash foreign exchange loss triggered by further Russian rouble and Ukrainian hryvnia devaluation was less significant in the first quarter of 2016 and amounted to EUR 13.2 million against EUR 33.6 million in the same period of 2015. But, it remained the key contributor to the Group's net loss of EUR 16.4 million in first quarter of 2016 compared to net loss of EUR 35.2 million in first quarter of 2015. A further depreciation of Ukrainian hryvnia and Russian rouble led to a one-off noncash financial currency translation loss of EUR 13.2 million. This factor mainly contributed to a loss before tax of EUR 16.2 million and net loss of the Group amounted EUR 16.4 million.