Astarta posts 63% yoy growth in revenues to USD 65 mln in 1H08

On Friday Astarta (AST PW: BUY) announced its consolidated 1H08 financial results: revenues grew by 63% yoy to USD 65.2 mln, and EBITDA increased by 58% yoy to USD 31.8 mln (EBITDA margin of 49%). The company’s net income soared 130% yoy to USD 26.4 mln (net margin of 41%). Sugar made up 60% of the company’s sales in 1H08, with volumes 50% higher yoy on an almost flat effective price. The company also said it purchased a sugar mill in Khmelnitsk region, bringing its total number of mills to six. Olha Pankiv: We expect Astarta to meet our full-year forecasts for sugar sales (193 ths mt in real terms); historically the fourth quarter is the company’s largest. We also expect Astarta’s revenue from agricultural crops to triple in 2008 to USD 87 mln.