Kernel agriculture co sees net profit fall 5.7% in Q3

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Kernel agriculture co sees net profit fall 5.7% in Q3

KYIV. Nov 14 (Interfax-Ukraine) - Kernel Group, one of the largest operators on Ukraine's sunflower market and a major grain exporter, saw net profit drop 5.7% year-on-year in the third quarter of 2011 to $31.98 million.

The company's quarterly report shows that revenue grew 13.4% to $391.51 million. Gross profit dropped 17% to $77.3 million, pretax profit was down 18% to $26.73 million and operating profit slumped 48.2% to $30.96 million.

EBITDA fell 33% to $45 million.

The company predicts that in the 2011-2012 financial year (ending July 2012) its net profit will climb 17% to $255 million, EBITDA will go up 19.7% to $370 million and revenue will be up 20.7% to $2.3 billion.