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Ros Agro 3Q Pretax Profit Falls on Lower Agricultural Prices

17 Nov 2017 10:33 am

By Adria Calatayud

Ros Agro PLC (AGRO.LN) reported Friday a sharp fall in pretax profit for the third quarter of 2017, hit by lower agricultural prices.

The Russian agribusiness made a pretax profit of 2.96 billion rubles ($49.45 million) in the three months to Sept. 30, down 68% from RUB9.24 billion in the year-earlier period. Sales revenue declined 2% to RUB17.07 billion, compared with RUB17.38 billion the prior year.

The company said its weaker profit figure was caused by a non-cash loss on revaluation of its biological assets and agricultural products. Ros Agro's third-quarter net gain from the value of assets and products was RUB838 million, compared with RUB5.92 billion the year earlier.

This resulted from a low valuation of its agricultural crop, as sale prices dropped, and from flat meat prices compared with a significant increase in the comparable-period in 2016, Ros Agro said.

London-listed shares at 1023 GMT were up 3.47 pence, or 0.40%, at 878.85 pence.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

(END) Dow Jones Newswires

November 17, 2017 05:33 ET (10:33 GMT)

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