Isagro Q1 sales up 14%

Italian agrochemical company Isagro announced the first quarter revenues reaching €42.7 million, up by 14.0% compared to the same period of 2011. The good performance was due to the good trend of sales in Italy and in the Americas, Isagro comments. EBITDA stood at €3.7 million euro, up by €1.1 million, excluding the net non-recurring incomes of the previous year, compared to the €2.6 million of the first three months of 2011, thus marking an increase of 40.6%. EBIT was €1.3 million, up by €0.9 million compared to the €0.4 million of the first three months of 2011, excluding the above mentioned net non-recurring incomes, with a growth of 201.4%.

Result before taxes was positive for €1.2 million, compared to a loss of €1.4 million in the first quarter 2011 excluding the net non-recurring incomes, thanks also to the positive contribution from the hedging activities on currencies and copper.

It is worth mentioning, moreover, that the first quarter 2011 benefited of net extraordinary incomes for €3.0 million at EBITDA level and for €6.5 million at EBIT and Result before taxes ones: thus, EBITDA, EBIT and Result before taxes of the first quarter 2011, including such items, were respectively equal to €5.6 million, 6.9 million and 5.1 million.

The operational results of the first quarter support Isagro’s forecast for a significant improvement at the current operations level in 2012, accordingly to the estimates already communicated which anticipate revenues of €165 million and an EBITDA of €21 million by year-end.

With reference to the above, it is worth to highlight that the aforementioned level of sales reflects a growth in revenues, with improved mix, largely in the second part of the year.