Landkom increases revenues to USD 8 mln in 1H11
18 July 2011
Landkom (LSE: LKI LN) reported its unaudited results for 1H11 ending April 30, 2011 on Friday: revenues increased to USD 8.0 mln (vs. USD 1.9 mln in 1H10), reflecting the sale of its 2010 harvest; and EBITDA was reported at USD 5.1 mln vs. a loss of USD 0.7 mln a year ago. Yegor Samusenko: Landkom’s 1H11 financials are hardly representative as they reflect only partial sales of the previous year’s harvest, while the bulk of revenues are derived in the latest quarter when crops are sold after the harvest. For FY2011, we expect around USD 30 mln in revenues, up from USD 16.8 mln in 2010, driven by 30% harvested land bank growth and stronger commodity prices. More notable is our view that the company will reverse its bottom line losses of recent years in FY2011.
