Mriya seeks to get rid of 11,000 ha of suboptimal land

16:32, 27.12.2016 1 min read

Mriya agroholding in 2017 and 2018 seeks to get rid of 11,000 ha of suboptimal land and reinvest the funds in purchase of land in more favorable regions, according to a presentation posted on the company's website.

According to the presentation, the changes are being made under the general program to reorganize business intended to boost effectiveness of its operations.

Mriya said that in 2016 the company faced some operation difficulties inherited from the previous owners of the holding. They are also linked to application of low-effective technologies, not enough power of agricultural machinery and equipment and high land rates.

The company also revised downwards the forecast for 2016 crop revenue to $92.9 million or 18% compared to the June forecast and increased the agricultural machinery investment plan for 2017-2021 by $20.4 million.

Mriya Agro Holding is a vertically integrated agro-industrial holding company founded in 1992.