Mriya to expand its land bank by 17-20%

Mriya Agroholding (FWB: MAYA GR) plans to increase its land bank by 17-20% to 280-290 ths ha by 2012, the company announced on Tuesday. Mriya plans to acquire new land in Western Ukraine close to its main agricultural assets and to start cultivation either in autumn 2011 or in spring of 2012. Mriya is one of the leading agricultural producers in Ukraine that specializes in growing wheat, barley, rapeseed, sugar beet, buckwheat and potatoes. In 1Q11 company posted a net profit of USD 1.62 million, compared to a net loss of USD 6.96 million in 1Q10, its revenues more than doubled in 1Q11 and reached USD 3.98 million.