KIEV, Dec. 20 – The net profit of Milk Alliance, one of the largest milk producers in Ukraine, in January-November 2011 fell by 53.2% year-over-year, Milk Alliance Board Chairman Serhiy Vovchenko, said.

He said revenues in 2011 are expected at the level of 2010 – at UAH 2.5 billion.

"The year was worse than we expected… However, as a whole, the holding still has profits," he said.

Vovchenko said that among reasons of the worse financial figures is the cancellation of state subsidies, a lack of raw materials, a rise in the prices of milk and low buying power of the public.