Astarta sales up 57% yoy, EBITDA doubles in 1Q08

Astarta Holding (AST PW: U/R) increased its revenues 57% yoy to USD 29.8 mln, EBITDA 109% yoy to USD 12.8 mln, the company reported on Friday. Net income grew by 80% yoy to USD 8.3 mln. Olha Pankiv: Growth in revenues was driven primarily by a 43% yoy increase in sugar sales by volume to 36.2 ths mt. At the same time, we attribute the strong growth in Astarta’s profitability margins mainly to the company’s agricultural business, on the back of growing prices for crops – from 50% yoy for corn to 250% yoy for sunflower seeds. The company’s effective sugar price stayed at the level in 1Q07. We view Astarta’s strategy aimed at land acquisition to cultivate agricultural crops as fruitful.