Rusagro profits caned
The company attributed the results to significant increase of commodity prices due to economic uncertainties. As a result the company failed to meet its revenue targets from sales of cane sugar.
However, net sales in all divisions have increased as well as production output says Maxim Basov, CEO of ROS AGRO Group.
“Above all sugar sales increased by 37% to 20,886 billion roubles while meat net sales were also 17% up to 3,740 billion roubles. Agricultural sales increased by 66% to 1,993 billion roubles.”
Basov adds that the vegetable oil production facility in Samara has opened, and there are more big capital expenditure projects underway in the Tambov and Belgorod regions.
ROS AGRO Group basic financials
Rus Agro IFRS
The company reported under IFRS