Astarta boosts revenue 41% yoy in 2008

Astarta (AST PW), according to financial results released this morning, increased its consolidated revenue by 41% yoy to EUR 123.4 mln, on the back of record sales of sugar and agricultural products. The company’s gross profit rose 42% yoy to EUR 34.6 mln (margin of 28%, same as in 2007); EBITDA remained at EUR 31 mln (margin of 25% vs. 35% in 2007). Astarta said the depreciation of the Ukrainian hryvnya led to a non-cash translation loss of EUR 33.2 mln on foreign currency debt received, resulting in a net loss of EUR 7.6 mln.