Black Earth Farming reports first full-year profit for 2012
2013-03-05 10:02:43
Black Earth Farming reported its first full-year net profit in the company's history for 2012, due to high commodity prices and improved crop yields in Russia.
Operating profit for 2012 came in at $19.9m, including $3.2m related to land sales and revaluation of investment property, while net profit for the year was $7.2m, compared with a loss of $44.2m in 2011.
Total revenue and gains for 2012 jumped by 179% to $229m from the year before, as a result of higher volumes sold and higher crop prices. The company sold 684,000 tonnes of crops in 2012, 71% more than the previous year thanks to higher carry-in, a changed crop mix and better yields resulting in higher harvested volumes.