Improvement in Astarta’s performance expected in the following quarters — Concorde Capital

Concorde Capital analysts projected Astarta’s weak P&L for Q1 2018.

"We saw a deeper yoy decline in revenue. However, we note that the weak yoy performance for the quarter is not indicative of current trends as the deep plunge in revenue is mostly the result of the high comparison base of 1Q17," Alexander Paraschiy, Head of Research at Concorde Capital, comments.

For instance, in 1Q17 Astarta sold 141 kt of sugar, or twice more than for any other first quarter before. Its 1Q18 sugar sales (93 kt) proved to be the second-best historical result for a first quarter.

"Therefore, we expect improvement in Astarta’s yoy performance in the following quarters, but remain firm on our position that this year’s P&L will be weaker for the company," he sums up.

Reference: in Q1 2018, the agri-industrial holding Astarta-Kyiv received 69 percent lower EBITDA — EUR 13 million.