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Kernel edible oil posts USD 7.2 mln net profit in fiscal Q3 2014 2015 vs. USD 25.1 mln loss in prior year period , Equities News - EquitiesPoland.pl
Coverage of high-potential mid-market firms in Poland


Kernel edible oil posts USD 7.2 mln net profit in fiscal Q3 2014/2015 vs. USD 25.1 mln loss in prior-year period

TAG'S: KERNEL, Food and Drinks Industries

Listed edible oil producer Kernel Holding recorded an net profit of USD 7.2 mln in the fiscal Q3 ended March 31, 2015, versus USD 25.1 mln net loss in the year-prior period, the firm's consolidated financial report for fQ3 2014/15 showed.


The net result reflected an FX loss of USD 82.8 mln in the aftermath of 33% hryvnia depreciation over the course of the quarter, the report showed.


Revenues fell 10% y/y to USD 607 mln as a result of the decline of agricultural commodity prices, the firm indicated.


Still, the firm managed to increase its EBITDA by over 50% y/y to USD 115.2 mln, a record-high level for fQ3, the report indicated. This growth was a result of "excellent" profitability of the sunflower oil in bulk segment, where EBITDA margin rose to 25% from 16% in the prior-year period, as well as improved results in the farming division. The two segments contributed USD 69.4 mln EBITDA and USD 12.4 mln EBITDA respectively.


Net operating cash flow rose to USD 253.1 mln in fQ3, an increase from USD 134.4 mln last year, a result of "a solid business performance from most of the segments" and a seasonal decrease in working capital, the firm said.


Net debt was halved y/y to USD 481.9 mln at end-March, bringing the net debt/EBITDA to 1.1x, also on the back of lower capital requirements stemming from cheaper commodities, the report indicated.


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