Agrowill Plummets on Switch to Third-Quarter Loss: Vilnius Mover
Agrowill Group AB, a Lithuanian agribusiness holding company, fell the most in two years on the Nasdaq OMX Vilnius bourse after reporting a third-quarter loss.
The stock fell as much as 18 percent, the most since Aug. 9, 2011, and traded down 17 percent at a four-month low of 0.183 euro at 11:30 a.m. in Vilnius. Volume of 100,239 shares was more than twice the three-month daily average, according to data compiled by Bloomberg.
Agrowill had a 1.8 million-litai ($702,000) net loss attributable to equity holders in the July through September period, compared with profit of 10.7 million litai in the same period last year, the group said in a statement after trading on Nov. 29. Sales for the company’s agriculture units in Lithuania, Russia and Moldova increased 17 percent to 32 million litai, it said.
Lower grain prices reduced income from crop sales even as input costs rose this year, Chairman of the Board Vladas Bagavicius said in the statement.
“Profitability was further decreased by the reduction in European Union and state subsidies,” he said.
The company hadn’t traded today on the Warsaw Stock Exchange, where its shares are also listed. It closed unchanged in Warsaw on Nov. 29 at 0.89 zloty.
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