News
25.08.2011
Ukraine's economic news Astarta sees 39% rise in net profit in H1, 2011
Astarta agricultural and industrial holding, one of the largest operators on the sugar market, in January-June 2011 increased its net profit by 39% year-over-year, to EUR 57 million, according to a company press release issued on Tuesday.
The company said that in the first six months of 2011, its revenues grew 17% year-over-year and amounted EUR 116 million.
Its EBITDA grew by 31% year-over-year, to EUR 67 million.
The company said that the increase in revenues and management efforts to control costs resulted in a 38% year-over-year increase in profit from operations, to EUR 59 million.
The report says that the growth of revenues was driven by increased volumes of sales of grains, oilseeds and milk, along with successful marketing and favorable market conditions.
Astarta said that over the reporting period the group increased its arable land bank to 230,000 hectares, expanded its agricultural fleet by more than 300 units of modern machinery, and increased its crop storage capacities to 360,000 tonnes.
The company said that after taking control over the Novoivanivsky and Savinsky sugar plants, and the modernization of Astarta's other sugar plants, its total processing capacities increased to 33,000 tonnes of sugar beet per day.
Astarta is a vertically integrated agro-industrial holding, which comprises five regional subunits in Poltava, Vinnytsia and Khmelnytsky regions. Its core activity is the production of sugar and related foods, grain and oilseeds, as well as meat and milk.
Astarta in 2010 increased its net profit by 2.7 times, to EUR 80.04 million. Its consolidated income last year grew by 71%, to EUR 219.33 million.
