Net loss of Mria Agroholding under increased USD/UAH comprised USD 233.1 mln
According to key operational results announced at the official site of Mria Agroholding total revenues for 1Q 2014 reached USD 91.7 mln vs USD 60.1 mln in 1Q 2013. EBITDA for the period totaled USD 73.7 mln. Due to the revaluation of assets under increased USD/UAH exchange rate net loss in the reporting period comprised USD 233.1 mln.
Sowing campaign was accompanied by good weather conditions: mild temperature was observed since mid-March, giving more time for necessary operations. Some rains fall during the sowing campaign providing moisture to the sown seeds and forming moisture reserve in the soil.
Since the end of 1Q14 Mriya continued selling and delivering its crops from inventories in order to prepare storage facilities for the new upcoming harvest. Necessary maintenance of assets is performed to secure their operations during the high seasons.
Mykola Guta, Chief Executive Officer, commented on the results: “In this challenging environment we were focused on doing our best to implement our plans despite macroeconomic situation. Our production plan wasn’t changed significantly and I’m pleased that we managed to cultivate almost the same amount of land as in the previous year. We believe such step to be beneficial for the Company as harvest will provide more flexibility in meeting our obligations.”
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