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IMC: Q1 2019 financial results

20 May 2019

IMC, an agroholding operating 123,900 hectares of farmland in Ukraine, reported its net loss widened 8.3% to $ 8.92 million in Q1 2019, compared to $ 8.23 million in Q1 2018. At the same time, the company’s revenue in Q1 2019 increased 1.6 times to $ 49.15 million.

Gross profit amounted to $ 3.72 million in Q1 2019, compared to $ 30,000 of gross loss for the same period in 2018. Operating loss decreased 14% to $ 6.36 million. The company’s EBITDA was $ 1.38 million in Q1 2019, a 2.7 times increase compared to Q1 2018.

Revenue from corn sales increased 68% to $ 45.9 million, while revenue from soybeans sales rose 24% to $ 2 million. As for Q1 2019, IMC sold 271,400 tonnes of corn, a 50% increase compared to Q1 2018 and 6,000 tonnes of soybeans, a 48% increase compared to Q1 2018. The company’s revenue in milk segment increased 11% to $ 350,000.

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