Razgulay posts FY 2008 Net Loss of 6.1 billion Roubles

Russian agricultural producer, Razgulay, has posted a FY 2008 Net Loss of 6.1 Billion Roubles under IFRS.

The bottom line is a turnaround from the Net profit of 1.45 billion Roubles posted for FY 2007, with FY 2007 EBITDA coming in at 2.6 billion Roubles, down from 4.8 billion in 2007, on the back of revenues of 31.01 billion Roubles, down from 36.4 billion in 2007.

The company attributed the result largely to rising production costs in late 2007 which affected the balance late in 2008 as grain prices were falling. Also affecting the Net result was a 4.9 billion Rouble devaluation of Razgulay’sland holding due to reduced forecasts of cash flows. On the upside the company noted rising revenues from its grain and sugar operations.