Astarta-Kyiv EBITDA for Q1 2018 decreased 69 percent
In Q1 2018, the agri-industrial holding Astarta-Kyiv received 69 percent lower EBITDA — EUR 13 million.
Consolidated revenues decreased 39% to EUR 91 million, whereas net profit dropped 8.3 times to EUR 3.7 million.
Net debt stood at EUR 127 million that is 3% lower than at the end of 2017. 53% of produce was exported.
"The financial results of the reporting period are hard to perceive as strong. Both the top and bottom lines look much weaker than just a year ago. There are several reasons for this: markets cyclicality, macroeconomic factors, as well as a high comparison base. At the same time, when one takes a longer-term view, there are several reassuring thoughts. The Group is currently moving through the bottom part of the soft commodities cycle with low debt, a strong balance sheet, constantly increasing operational efficiency and a healthy combination of local sales and exports," Viktor Ivanchyk, CEO and founder, comments.
He stressed that there had been several similar periods in Astarta’s 25-year history when the challenges made the company stronger and provided for new growth opportunities.
Reference: sales volumes of sugar produced by Astarta-Kyiv decreased 34% to 48.62 thou. tons in Q1 2018.