Agroton sees $3.6 mln in net loss in H1 2020
02.09.2020 16:00 "Agro Perspectiva" (Kyiv) —
Agricultural holding Agroton (Luhansk region) ended January-June 2020 with a net loss of $3.59 million, while for the same period last year it saw a net profit of $3.28 million.
According to the holdings report on the Warsaw Stock Exchanges website, its revenue in the first half of this year decreased 22.4%, to $ 13.85 million.
The gross profit of Agroton, due to the revaluation of biological assets, increased 2.1-fold, to $8.35 million, and operating profit jumped 29.6-fold, to $5.86 million.
In the first half of the year, inventories decreased from $20.18 million to $4.8 million, while biological assets increased from $9.11 million to $33.41 million.
According to the report, the loss is associated with an increase of almost 7.1 times in financial expenses, to $10.1 million.
Taking into account positive exchange rate differences, the cumulative loss in the first half of 2020 was $0.78 million compared with a profit of $2.91 million in the first half of last year.
At the end of June this year, Agrotons free cash amounted to $10.24 million compared to $11.94 million at the beginning of the year, while total liabilities decreased from $27.64 million to $26.09 million.
Agroton has been operating in the Ukrainian market since 1992. It specializes in the cultivation of grain and oilseeds, the production and sale of livestock products.