CORRECTED - Romania's Agroland Agribusiness 9-mo net profit falls 22% y/y [NOT 11%]

Also, please read in the first paragraph, "Romanian agricultural company Agroland Agribusiness [BSE:AAB] said that its net profit decreased by 22% year-on-year to 1.3 million lei ($285,580/261,520 euro) in the first nine months of 2023.," instead of "Romanian agricultural company Agroland Agribusiness [BSE:AAB] said that its net profit decreased by 11% year-on-year to 1.3 million lei ($285,580/261,520 euro) in the first nine months of 2023." (correcting the figures to comply with official company data).

In addition, please read in the second paragraph, "Agroland Agribusiness' revenue decreased by 10% on the year to 46.3 million lei in the first nine months through September, it said in a financial report filed with the Bucharest Stock Exchange on Wednesday," instead of "Agroland Agribusiness' revenue decreased by 10% on the year to 51.2 million lei in the first nine months through September, it said in a financial report filed with the Bucharest Stock Exchange on Wednesday." (correcting the figures to comply with official company data).

A corrected version follows.

Romanian agricultural company Agroland Agribusiness [BSE:AAB] said that its net profit decreased by 22% year-on-year to 1.3 million lei ($285,580/261,520 euro) in the first nine months of 2023.

Agroland Agribusiness' revenue decreased by 10% on the year to 46.3 million lei in the first nine months through September, it said in a financial report filed with the Bucharest Stock Exchange on Wednesday.

The sale of fertilisers experienced the most notable decline during the first nine months of 2023, plummeting by 52% on the year to 11.5 million lei. The trading of cereals witnessed the highest annual increase, generating 17.7 million lei after an annual hike of 39%.

The company's earnings before interest, tax, depreciation and amortisation (EBITDA) totalled 2.9 million lei in January-September, down by 9% year-on-year.

The company expects to book a net profit of 1.2 million lei in 2023 on revenue of 61 million lei, according to a revised forecast attached to its financial report. In 2022, Agroland Agribusiness netted a profit of 2.3 million lei, it said in an earlier financial report.

Agroland Agribusiness is a Romanian company that sells agricultural products. The company is active in the counties of Dolj, Olt, Mehedinti, Arges, Teleorman, Valcea, Gorj, Dambovița, Ilfov, Ialomita, Calarasi, Tulcea, Braila, and Constanta, in the southern region of the country.

Its shares traded 4.35% lower at 3.96 lei as of 1555 CET on Thursday on the AeRO market of the Bucharest Stock Exchange.

(1 euro=4.971 lei)