Astarta sustained EUR 4.7 mln of loss in 9M 2020

The agri-industrial holding Astarta-Kyiv reported EUR 4.72 mln of net loss for the nine months period ended 30 September 2020 vs. EUR 1.93 mln of net profit in the corresponding period of 2019.

The company's consolidated revenues amounted to EUR 290.55 mln in 9M 2020, 11% down y-o-y (9M 2019: 325.71), on lower sales volumes of grains and soybean products.

Segment revenues:

• agriculture: decreased by 18% to EUR 121.3 mln;
• soybean processing: reduced by 17% to EUR 53.6 mln;
• sugar production: increased by EUR 284 thou. to EUR 87.1 mln;
• cattle farming: slightly improved to EUR 25 mln.

The gross profit grew by 38% to EUR 82.33 mln.

EBITDA in the reporting period increased 1.5x from EUR 53.6 mln to EUR 81.8 mln.

"The weather conditions have been unfavourable since the beginning of the agricultural season this year: first, there was lack of moisture in the ground; second, lower spring temperatures slowed down the development of winter and early spring crops. But the most stressful was the severe drought which lasted from July to October which hit the yields particularly hard. All Ukrainian agricultural producers suffered from drought to a different extent, including Astarta. The drop in our yields is less profound than the average reported in Ukraine. Winter crops sowing campaign is successfully completed, promising new agricultural season to be more favourable," commented Astarta’s Agriculture Head Vadym Skrypnyk.

Earlier it was reported that Astarta-Kyiv will dispose of two sugar plants in Kharkiv region — Savyntsi and Novoivanivka.