"Linas Agro's EBITDA dropped 2.3 times to EUR 10 million
The agribusiness company of the agriculture, food production and trade group „Akola group“ Linas Agro“ earned a profit before interest, taxes, depreciation and amortization (EBITDA) of EUR 9.9 million in the last financial year, a 2.3-fold decrease compared to the previous year.
The company's consolidated revenue fell 37% to EUR 0.74 billion in the financial year ended June last year, while net profit fell 3.4 times to EUR 5.3 million, „Linas Agro“ said on Wednesday.
The company said its results fell due to a drop in grain supply and transaction prices.
„Overall, we bought a third less grain and 12% more rapeseed from farmers and the market as a whole during the year, which was of very good quality and oil content. Most of the grain bought and sold was of lower quality – second-class wheat, while very little extra-quality wheat was bought“, – said „Linas Agro“ CEO Jonas Bakšys in a statement.
According to him, grain transaction prices were 20% lower than in the previous year, resulting in average contract prices being around a quarter lower for the year.Price pressures should continue as the global cereal and oilseed harvests are forecast to be better, said Mr Bakshis. 
„Linas Agro“ owns eight companies in the Baltic States. According to the data of "Sodra“", the company registered in Panevėžys currently employs 206 people.
