FCC generated net loss in the first half of 2018
01 August 2018
Food Contract Corporation (FCC), the subsidiary of KazAgro, generated KZT 2.6 billion ($ 7.4 million) of net loss in the first half of 2018. Compared to a net loss of KZT 6.9 billion ($ 19.7 million) in January-June of 2017, the financial performance of the company improved. The revenues from sales of goods and services increased 2.5 times to KZT 11.5 billion ($ 32.8 million), gross profit increased 2.2 times to KZT2.9 billion ($ 8.4 million), and marketing costs increased 1.7 times to KZT3,3 billion ($ 9.4 million). The company's assets increased by 0.2% to KZT 108.3 billion ($ 309 million). At the same time, liabilities grew by 11% to KZT 58.4 billion ($ 167 million), accounts payable increased by 26% to KZT 2.5 billion ($ 7.1 million), long-term loans totalled KZT 6.9 billion ($ 19.7 million) while own capital decreased by 10.1% to KZT 49.8 billion ($ 142 million), and the authorized capital remained unchanged and amounted to KZT 81.2 billion ($ 232 million). KazAgro is the only shareholder of FCC and holds 100% of its shares.