Agrowill Group enjoys profitable result in the first half-year 2011

Agrowill Group company, a top agricultural market player in Lithuania, enjoys an on-going success in the field of agriculture; its operation remains profitable. Over the first half year 2011, the company accounted profit of LTL 2.56 million. The turnover of the company over 6 months amounted to LTL 12.9 million.
“Due to reorganisation in the operation of companies and successful implementation of the strategy set accounts for our success that continues for the second year now. The results of the first half year, caused predominantly by milk sale business, allow for estimates that the second half year will show even better success. Given seasonal nature of agricultural business, crop production sector incurs most production costs (costs of fertilisers, acquisition of agricultural chemicals, machinery operation costs) in the first half year, while the production is sold in the second half year. As a result, our income and profit rate has more to do with sales of milk and cattle. I am glad that the company has sold part of winter tape harvest at profit. We managed to sell it at a price higher than that offered in global exchanges; as a result, we made LTL 100 more per ton. Prices of grain at sufficiently high level allow for expectation of higher income from grain crop“, told Vladas Bagavičius, chairman of the board of Agrowill Group.
According to Mr Bagavičius, wheat and summer rape will currently be stored in reservoirs, expecting the price for grain to go up, given market expectations that the price for the same crop will rise; as a result, most of harvest shall go for sale at a later date.
This year, compared to the previous one, Arowill Group did better with wheat harvest; quantity of wheat threshed per hectare exceeded average quantity in Lithuania. The company cultivated largely grain of extra and first class (these have highest sale price).
In 2010, Agrowill Group had profit of LTL 6,300,000.

For more information, please contact:
Vladas Bagavičius, Chairman of the Board of Agrowill Group AB, tel. +370 610 31807

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