Kernel sees 21.8% decline in grain sales, 14% fall in sunflower oil sales in Q3 of FY2018
Kernel, a large Ukrainian agrarian group, cut grain sales by 21.8% in the third quarter of FY2018 (July 2017-June 2018), to 1.088 million tonnes.
According to a company report posted on its website, bulk sunflower oil sales in January-March 2018 fell by 14%, to 252,740 tonnes, and bottled oil sales decreased 24.4%, to 26.16 million liters.
Over the period the holding crushed 848,860 tonnes of sunflower seeds, which is s1.4% less than in Q3 FY2017.
According to the document, the throughput volumes at the company's export terminals fell by 6.1%, to 1.515 million tonnes.
In 9M FY2018 Kernel cut grain sales by 25.1%, to 3.074 million tonnes, bottled oil sales by 6.9%, to 85.8 million liters and boosted bulk oil sales by 14%, to 914,680 tonnes.
Grain sales stemmed from a countrywide harvest decline, delayed harvesting campaign, and low willingness of farmers to sell crops waiting for better prices.
According to the document, In Q3 FY2018 Kernel completed the disposal of corporate rights in subsidiaries leasing in total 34,000 hectares of farmland in Ukraine, which were suboptimal for company's operations. Combined proceeds are expected to be $19 million.
Kernel is the world's largest producer and exporter of sunflower oil, the leading producer and supplier of agricultural products from the Black Sea region to the world markets.