Net profit for Kernel Holding S. A. results for the third quarter of 2017 financial year amounted to $32.9 million compared to $92,3 million a year earlier. This is stated in the report of the agricultural holding.
One of the reasons for the reduction – write-off of depreciated expenses on Bank loans that were repaid after the issue noted in the kernel.
During the reporting period, the kernel has received $615 million in revenue, which is 1.3% more than in the third quarter of last fiscal year.
A slight rebound in export prices were offset by lower sales volumes in its key areas of business, the company said. While export sales account for 97% of total revenue.
According to the report, EBITDA decreased by 19% to $80.8 million due to a decrease in sales and increase competition between the key businesses of the company.
See also: a Collector of land. Why kernel is buying agricultural land
Kernel – the world’s largest producer and exporter of sunflower oil. Since 2007 the company’s shares are traded on the WSE. Kernel completed 2016 fiscal year with a net profit of $of 225.2 million, 2.1 times more than in 2015. Its revenue dropped 14.6% to $1.99 billion, EBITDA was 12.7%, to $346,4 million Land Bank of the Kernel prior to the conclusion of the transaction is approximately 390 thousand ha. Andrey Verevskiy owns about 39% of the shares and 5% owned by Vitaly Homutynnik.