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AgroGeneration faces mixed crop year in Ukraine after summer drought
October 6, 2017 / 6:02 AM / 14 days ago

AgroGeneration faces mixed crop year in Ukraine after summer drought

PARIS, Oct 6 (Reuters) - French farm operator AgroGeneration said on Friday that summer drought in eastern Ukraine will affect its sunseed harvest and could push its production down this year despite a bumper wheat crop.

The Paris-listed firm, which farms just over 100,000 hectares in Ukraine, has observed a “significant” hit to yields in sunseed already harvested in the east, Vice Chairman Pierre Danon said in an interview, declining to give a precise figure.

An exchange rate effect linked to a farmland sale in the east weighed on its first-half results, with AgroGeneration reporting a 305,000 euro ($351,000) loss compared with a 233,000 euro profit a year earlier.

But core earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 5.95 million euros from 5.80 million euros. ($1 = 0.8540 euros) (Reporting by Gus Trompiz; Editing by Bate Felix)

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