For the six months of 2019, «Astarta» sugar revenues were down by 1/5 — to EUR55 million.
It is reported by press center of the company.
Sugar revenues were down by 1/5 — to EUR55 million as the Company reduced sugar output and sales (153k tonnes in the first half of 2019, versus 185k tonnes in the first half of 2018) amid depressed pricing environment. EBITDA amounted to EUR4 million in the first half of 2019, compared to EUR7 million in the previous year.
In the reporting period Ukrainian sugar prices remained under pressure from oversupply, limiting the potential for meaningful price recovery. The international sugar prices remained suppressed from overproduction in previous seasons and, as a result, strong global supplies. Considering that global consumption is forecast to increase, sugar balance is expected to turn around in the next season lifting the prices from this year’s lows.
Viktor Ivanchyk, CEO, commented: «In the first six months of 2019 «Astarta» focused on maximizing its operating cash flows through release of working capital and sale of abundant inventories. This allowed to improve our leverage by net repayment of EUR49 million of finance debt and underpin our financial position ahead of the new harvesting campaign».