News
05.05.2009
Kernel Group reviewed own results in the second half year of 2008 towards improvement
In the second half year of 2008, Kernel Group, one of the largest Ukrainian operators on the market of sunflower oil, received net profit at the level of 63.12 mln USD, an increase of 205.4% compared to the same period of 2007.
According to the holding company of the group Kernel Holding S.A. (Luxemburg), in order to provide clear reflection of the situation, the company imposed several additional changes to the promulgated report about results of the work in the second half of the last year, which caused the changes of several indices.
Previously, the company declared about the growth of net profit by 109.4% - to 43.27 mln USD, during July-December of 2008.
The new report fixes the indices of income at the level of 662.5 mln USD, which means the growth of incomes totaled 2.5 times compared to the second half year of 2007. At the same time, the estimation of operational profit decreased from 99.06 mln USD to 93.52 mln USD, as opposed to 39.56 mln USD in July-December period of 2007.
Kernel Group noticed that the losses from exchange rate fluctuation of UAH in October-December totaled 11.3 mln USD.
At the same time, the company preserved own forecast for 2008/09 fiscal year (the year is equal with grain marketing year): net profit volumes - 115 mln USD, incomes - 1.1 bln USD.
According to Andrew Verevskiy, the head of the board of directors, the market situation stays rather difficult, however several improvements appeared in the sector. The slowing down of devalution processes and stabilization of UAH exchange rates, and the stoppage of price reduction for oilseed raw material are the main improvements on the market.
