KSG Agro increases net income by 14x y-o-y in 1H11

KSG Agro (WSE: KSG PW), an agricultural company with a land bank of 52.9 ths ha, increased its net income by 13.8x y-o-y to USD 18.8 mln in 1H11, mainly due to an increase of the value of biological assets, the company said according to financial results released yesterday. Sales increased by 57.2% y-o-y to USD 2.6 mln during the period and EBITDA was USD 19.4 mln. In 1H11, KSG Agro acquired 10 agricultural enterprises for a total of USD 22.3 mln, boosting its land bank by 26.4 ths ha. The company announced plans to boost its land bank by 37.9% to 72.9 ths ha by end-2012.