IMC sees 17.1% fall in net profit in Jan-Sept 2016
Industrial Milk Company (IMC) saw a 17.1% fall in net profit in January-September 2016 year-over-year, to $16.69 million.
According to a company report on the Warsaw Stock Exchange (WSE), its revenue fell by 19.9%, to $80.25 million.
Taking into account the published data for H1, 2016, the company saw $2.07 million of net loss in Q3 2016, and this is 3.3 times better than in Q3 2015. Its revenue fell by 1.7%, to $25.88 million.
The company said that the sales fell due to a decline in sales of corn by 26%, to $54.45 million.
Sunflower sales fell by 3%, to $14.26 million, while wheat sales grew by 9%, to $6.72 million.
The agro-holding boosted cattle sales revenue by 45%, to $1.01 million, while milk sales fell by 14%, to $2.47 million. Potato sales fell by 29%, to $0.58 million.
Gross profit in January-September 2016 fell by 17%, to $56.29 million, operating profit – by 11%, to $46.24 million and earnings before interest, taxes, depreciation and amortization (EBITDA) – by 1%, to $56.27 million.
The foreign currency exchange loss fell by 80%, to $4.34 million. This year the company took into account $16.48 million in its results. The sum is to be paid as a debt to the International Finance Corporation (IFC), while a year ago it was planned that IFC would implement its warrants and the debt will be paid in this way.