April 12, 2018 / 7:42 AM / 3 months ago

BRIEF-Russian Aquaculture 2017 Adjusted EBITDA Up 36.4% YR/YR

April 12 (Reuters) - Russian Aquaculture:

* REPORTS 2017 REVENUE OF RUB 5.02 BLN, COMPARED TO RUB 2.48 BLN YEAR AGO

* SAYS REVENUE HAS GROWN AS THE PRODUCTION CYCLE STARTED AT THE END OF AUGUST 2016 REACHED THE STAGE OF HARVESTING AND SELLING COMMERCIAL PRODUCTS

* 2017 ADJUSTED EBITDA INCREASED BY 36.4 PERCENT TO RUB 2.1 BILLION

* SAYS HAS CONTINUED TO DIRECT MOST OF ITS INCOME TOWARDS REDUCING DEBT LEVELS

* AS OF DEC. 31, 2017, NET DEBT AMOUNTED TO RUB 742.4 MILLION COMPARED WITH RUB 3.17 BILLION ON DEC. 31, 2016

* NET PROFIT DOWN BY 82.4 PERCENT TO RUB 376.3 MILLION IN 2017

* SAYS NET PROFIT WAS AFFECTED BY THE LACK OF STOCKING 2016 AND THE CORRESPONDING REVALUATION OF BIOLOGICAL ASSETS

* SAYS THIS ONE-OFF FACTOR, WHICH AFFECTS ITS PERFORMANCE IN 2017-2018, WILL BE ELIMINATED BY THE END OF 2018 WITH THE COMPLETION OF THE 2017 STOCKING CYCLE

* SAYS ITS PLANS FOR STOCKING IN 2018 ARE ALREADY WELL UNDERWAY, WITH CONTRACTS FOR THE PURCHASE AND SUPPLY OF FRY AND SMOLT ALREADY IN PLACE, AND FINANCED BY MORE THAN 40% AS OF DEC. 31, 2017

Source text - bit.ly/2qpXAPo

Further company coverage: (Gdynia Newsroom)

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