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Warsaw-listed Kernel cuts guidance after Ukraine strife hit hryvnia
May 30, 2014 / 9:37 AM / 3 years ago

Warsaw-listed Kernel cuts guidance after Ukraine strife hit hryvnia

WARSAW, May 30 (Reuters) - Warsaw-listed Ukrainian agriculture group Kernel cut its full-year core profit guidance by a third to $170 million after the crisis between Ukraine and Russia hit the Ukrainian hryvnia currency, it said on Friday.

The group, listed among the Warsaw bourse’s blue chips, showed earnings before interest, tax, depreciation and amortisation (EBITDA) in the third quarter of its financial year fell by over a third to $30 million.

Higher sunflower oil and grain sales volumes helped revenue grow 13 percent in the quarter. But a 27-percent fall in the hryvnia accelerated Kernel’s net loss to $25.1 million, from $3.4 million in the red a year earlier.

According to company estimates, the hryvnia’s decline cut $64.4 million off its bottom line and almost $45 million off the EBITDA. (Reporting by Adrian Krajewski; Editing by Christian Lowe)

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