Steppe IFRS revenue triples to 15.3 bln rbl in April–June

MOSCOW, Aug 24 (PRIME) -- The revenue of Russian agricultural holding Steppe, a subsidiary of multi-industry holding Sistema, more than tripled on the year to 15.3 billion rubles in April–June, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement on Wednesday.

Operating income before depreciation and amortization (OIBDA) rose by 46.5% on the year to 2.9 billion rubles in the period.

The gross milk yield surged by 75.3% to 36,100 tonnes, and the sales of the sugar and grocery trading division gained 17% to 156,000 tonnes. Sales of packed grocery goods increased by 30% in the period. Steppe also said that it exported a record amount of 164,000 tonnes of grain in July with Saudi Arabia, Turkey, and Egypt being the main buyers.

In January–June, the company’s revenue more than doubled on the year to 29.4 billion rubles, with OIBDA soaring 74.8% to 5.6 billion rubles.

(59.8963 rubles – U.S. $1)

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