Astarta-Kyiv posted net loss of EUR 13.3 mln in Q1 2020

Astarta-Kyiv agri-industrial holding net loss for the three months ended 31 March 2020 totalled EUR 13.32 mln, 2.7x higher YoY (Q1 2019: EUR 4.89 mln).

Under the company's report, consolidated revenue dropped to EUR 101 mln, 10% lower YoY (Q1 2019: EUR 112.4 mln). Segments revenues:

• agriculture: fell by 33% to EUR 39 mln;
• soybean processing: reduced by 6% to EUR 22.35 mln;
• sugar production: increased by 46% to EUR 28.76 mln;
• cattle farming: improved by 14% to EUR 10.04 mln.

The gross profit scaled up by 47% to EUR 30 mln corresponding to the gross profit margin of 29% (versus 18% in 1Q 2019).

EBITDA in the reporting period revised upward from EUR 16.16 mln in Q1 2019 to EUR 27.78 mln.

"In the first quarter of 2020, we continued to focus on operational efficiency increase and product cost optimization. COVID-19 pandemic and quarantine measures did not affect the efficiency of our business: all of the planned business processes and tasks were accomplished, the remote work was successfully organized. I am convinced that our team coped well with the challenges and once again proved its professionalism and adaptability," commented Valery Sokolenko, Executive Director of Astarta-Kyiv.

Previously reported that sugar sales volume by Astarta-Kyiv increased by 44% to 77.56 thou. t in 1Q 2020.