Ros Agro net profits fall

Ros Agro's sales for the nine months to the end of September rose to RUB55,588m - RUB5,230m up on last time.

But adjusted EBITDA fell to RUB11,488 million - down RUB5,623 million - and adjusted EBITDA margin decreased from 34% to 21%.

Net profits of RUB11,203m were down by 38%.

Chief executive Maxim Basov said: "In Q3 2016 three businesses decreased sales year-to-year and all businesses decreased margins. This is the result of lower prices and lack of raw material in oil and fat businesses. In meat and oil and fat businesses this was the last quarter of relatively weak 12 months.

"We expect margins of these businesses to improve starting Q4. Integration of newly acquired companies in sugar and agricultural businesses is on track: the harvest is well and the operations are now at full capacity. We expect sugar and agricultural segments to benefit from larger production in coming quarters. High net income margin reflects good harvest in agricultural business."