Kernel posts 64.3% fall in net profit in Q3, 2017 FY
Kernel, one of the largest Ukrainian agrarian groups, in the third quarter of the 2017 fiscal year (FY), which began in July 2016, received a net profit of $32.9 million, which is 64.3% less compared with the same period last year.
According to the financial report, posted on the company's website, its revenue in January-March grew insignificantly by 1.3%, to $615 million.
Export sales accounted for 97% of total revenue.
At the same time, EBITDA declined by 18.8%, to $80.8 million. As a result of lower sales and the increased competition in the main business groups, the EBITDA margin was down to 13.1% from 16.4%.
In general, for the nine months of the 2017 FY the net profit of Kernel decreased by 17.3%, to $192.4 million compared to the same period of the 2016 FY.
Revenues increased by 3.3%, to $1.659 billion, while EBITDA decreased by 6%, to $282.9 million.
Revenue from oil sales in the third quarter of the 2017 FY fell by 5.3%, to $300 million, from bottled oil sales increased by 25.1%, to $37.9 million. Revenues from grain sales rose by 5%, to $268 million, from transshipment services in export terminals decreased by 14.4%, to $15.5 million, storage of agricultural crops increased by 2.4 times, to $12.6 million.