Ukraine’s Kernel Reports Three-Month Loss on Sunflower Oil

Kernel Holding SA, a Ukrainian agriculture company, reported a net loss of $3.4 million in the first quarter as most bulk sunflower oil contracts were signed with delivery in next quarter.

The Kiev, Ukraine-based company had net income of $37.2 million a year earlier, Kernel said in a report published today. Bulk sunflower oil sales dropped 22.5 percent in the period to 173,976 tons, grain sales fell 21.4 percent to 653,745 tons, which was compensated by higher grain prices, Kernel said.

The company’s earnings before interest, tax, depreciation and amortization declined in the three months by 30 percent to $43.8 million. Revenue was almost unchanged at $597.9 million.

Kernel sees its Ebitda in the financial year ending June 30 at $310 million, according to the statement. The company said on April 18 that year-end Ebitda would be ‘moderately below’ $350 million. Kernel gave no profit or revenue forecast.

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

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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