Kernel Group increases net revenues 295% yoy to USD 375 mln in 3Q08

In a statement posted on the Warsaw Stock Exchange website on Friday, Kernel Group (KER PW) announced its 3Q08 financial results: net income grew 175% yoy, EBITDA increased 188% yoy, and revenues were up 295% yoy to USD 375 mln. Since this time last year, the company said it decreased its net debt position from USD 238 mln to USD 190 mln. During the 3Q, Kernel said it sold 556 ths mt of grains (vs. 12 ths mt in 3Q07). The company maintained its full-year FY2009 guidance, with net income of USD 115 mln, EBITDA of USD 185 mln and revenue of USD 1.1 bln.