Adecoagro’s fourth quarter earnings more than double
Adecoagro S.A. (NYSE:AGRO), which processes sugarcane and sells agricultural produce in South America, said Friday its fourth quarter earnings more than doubled, helped by higher sugarcane volumes.
For the quarter ending December 31, the Luxembourg-based company, which reports its results under the International Financial Reporting Standards, had earnings of US$44.8 million on revenues of US$147.4 million. That compares to earnings of US$17.6 million on revenues of US$103.5 million.
Sales from the manufacturing segment, which includes its sugarcane processing activities, more than doubled to US$120.6 million, helped by a 32% increase in the tonnage of sugarcane processed.
During the quarter, the company processed 1.1 million tons of sugarcane, up from 0.85 million tons for the year-ago period. Meanwhile, agricultural produce sales fell 41% year-over-year to US$26.8 million.
For the entire 2010, the company reported a loss of US$44.8 million on revenues of US$426 million. The loss is mainly due to a $96.8 million non-cash charge related a decrease in the fair value of its sugarcane plantation. In 2009, the company posted a loss of US$0.3 million on revenues of $313.6 million.
During 2010, the amount of sugarcane processed rose 83.6% to 4 million tons, due to the expansion of the company's Angelica mill.
Adecoagro's shares moved up 0.5% to trade at $13.55 as of 2:36 pm EST on Friday. The shares have rallied almost 13% since the company's initial public offering in January.
Related news
- Mariana Resources kicks off drilling programme at Las Calandrias gold-silver project
- Orogen Gold begins Phase 1 drilling programme at Deli Jovan
- Magnolia Petroleum on track to hit 100 wells target by end-2012
- Mwana Africa sells 15pct stake in Freda Rebecca gold mine for $405k - UPDATE
- Genel Energy on track as production increases
- Rambler Metals & Mining raises further C$4.13 million from Tinma International
- Wasabi Energy completes purchase of minority stake to own Global Geothermal
