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Viterra lifts Q2 profit 80% to $33.1m

Viterra lifts Q2 profit 80% to $33.1m

Agribusiness Viterra (ASX:VTA) grew its second-quarter profit 79.6% due to strong performance from Australia.

The company, which provides crops and grains sales and services, reported a profit of $33.1 million for the quarter ending in April. Ebitda grew 37% to $128 million.

Operating revenues grew by $674.9 million to just over $2.7 billion, after the company's Australian operations achieved record shipments.

The Australian business contributed $65 million ebitda for the quarter – up 131% year-on-year, and $171 million for the year to date.

Viterra said it had achieved its targeted $30 million in synergies from the integration of its Australian operations.

But the company's international grain group reported an ebitda loss of $2 million for the quarter, in a slump attributed to events including the Japan earthquake and the political turmoil in the Middle East.

Agri-products ebitda also fell to $21 million, from $30 million a year ago, and the Processing segment's ebitda was flat at $23 million.

For the first half of the financial year, revenue grew 36% to $5.2 billion, and gross profit increased 34.8% to $736 million.

Viterra gave a mixed outlook, stating it expects grain shipments to remain strong out of South Australia, but warning of compressed margins in its malt, canola and feed products operations.

The company declared a semi-annual dividend of C$0.05 ($0.048) per share.

VTA shares grew 1.63% in Friday's trading to $10.610.

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Tags agricultureViterraASX:VTAfinancial results

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