OREANDA-NEWS. May 19, 2010. ASTARTA Holding N. V. has published its financial report for Q1 2010. The first quarter of 2010 gave the evidence of ASTARTA's strong performance in all its segments. The Group capitalized on high international and domestic prices for commodities, and demonstrated good financial results.

On the back of a favorable situation on all key markets, Q1 revenues grew 75% y-o-y to EUR 37.9 million. Management efforts to control the production costs in 2009 led to stabilization of the cost of revenues. The above factors contributed to a rise in the gross profit to EUR 17.6 million. EBITDA grew to EUR 20.9 million.

Comments of Viktor Ivanchyk, CEO: "During the reporting period, our efforts were mostly concentrated on efficient sales, preparation for a new production season, and development of the Group. On a back of strong financial and operational results of 2009 as well as accomplished restructuring and consolidation of production assets, ASTARTA has reverted to the policy of active growth. The Group has expanded its land bank under long term lease by about 10 thousand hectares, increased the CAPEX into new agricultural machinery, grain and sugar storage facilities, and processing equipment".

ASTARTA is also overall optimistic about the production plans for 2010 and on. In the current production season, the Group plans to produce around 450 thousand tons of grains and oilseeds, 320 thousand tons of sugar and 50 thousand tons of milk.

Upon the revision of the Group's development model, in 2015, ASTARTA plans to expand its land bank to 300 thousand hectares, and to produce more than one million tons of grain and oilseed crops, over 600 thousand tons of sugar and around 100 thousand tons of milk. Looking back to the goals set for 2010 before ASTARTA's IPO in 2006, that are being currently well outperformed, the Group's management is pretty much confident that ASTARTA has enough potential to fulfill these new development plans.