Ukraine’s largest sugar producer lost a large part of their profits

 Крупнейший в Украине производитель сахара потерял большую часть своей прибыли

Net profit of the largest Ukrainian sugar producer — agricultural holding “Astarte” for the first nine months of 2018 amounted to 14.5 million euros, which is 80% below the figure for the same period in 2017, according to a financial report of the company.

According to the document, the company’s consolidated revenues decreased by 27% to 253,5 million Euro the decline in sugar prices and lower sales volumes. EBITDA decreased by 39% to 68 million euros.

The company notes that during this period sugar segment generated revenues of EUR 96.3 million (38% in the structure of consolidated revenue). Sales amounted to 273 thousand tons with a decline in prices by 26%. More than 40% of sales are export — 113 thousand tons.

Revenues in the segment of crop production totaled 76.1 million euros (30% of consolidated revenues). In addition, the export formed 83% of segment income.

Recall that in may, Ukraine’s largest sugar producer received from the international Finance Corporation IFC loan of $ 30 million for modernization of sugar factories.