Kernel announced Q3 2012/2013 marketing year results
2013-06-05 14:41:27
According to unaudited financial report, Kernel sugar division announced USD 597.9 M revenue for Q3 of 2012/2013 marketing year, which is 0.2% lower compared to the same period of previous ear, down from USD 598.9 M EBITDA was down 30% to USD 43.8 M from USD 62.5 M compared to the previous year. Main reason for the decline is sale of one of the major sugar production plants to German multinational company. Total revenues of the company grew by 30.7% to USD 2.072 Bn from USD 1.585 Bn for the nine months of 2012/2013 marketing period. EBITDA declined by 4.6% to USD 201.5 M from USD 211.2 M.
AgroInvest comment: Kernel has been getting rid of its sugar production branch since mid-2012 due to declining sugar prices and increasing production costs at the same time.
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