Kernel Holding Six-Month Net Advances on Harvest, Higher Prices

Kernel Holding SA (KER), Ukraine’s biggest sunflower-oil producer, said revenue and profit grew amid a successful harvest and higher prices.

Net income for the six-month period ending Dec. 31 rose to $92.2 million from $85.9 million in the year-earlier period, the company said in a statement on its website late yesterday.

Refined oil production rose 38 percent to 82,563 tons and bottled oil production advanced 41 percent to 72,938 tons, the company said. Revenue increased 8.1 percent due to higher bulk and bottled oil prices.

Revenue from silo services rose 61 percent in the period due to a 49.4 percent increase in the volume of grains and oilseeds received as Ukraine boosted grain and oilseed harvest in 2011, the company said.

Ukraine’s grain harvest grew 44 percent to 56.7 million tons in 2011 compared with a year earlier, state statistics data shows. The sunflower harvest rose 28 percent to 8.66 million tons, according to the statistics office.

To contact the reporter on this story: Kateryna Choursina in Kiev at kchoursina@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.