Don Agro International has issued warned that it expects to report a loss for the FY2022.
The Russia-based agriculture company explains that the losses will be due to significant changes in the fair value of its biological assets, specifically, its crops, as a result of lower prices agriculture produce can fetch within Russia.
In addition, it got to bear with a “significant leap” in costs of seeds, fertilizers and spare parts in FY2022.
The company expects to report its FY2022 numbers by March 1.
For its 1HFY2022 ended June 30 2022, the company reported earnings of $3.8 million, down 19.5% y-o-y. Revenue was up 91.6% in the same period to $18.1 million.
Don Agro shares last traded at 25 cents, down 37.18% over the past year.
The company’s IPO back in Dec 2020 was offered at 22 cents per share.
Don Agro is the only Russia-based companies to list on SGX.
Russia's state-controlled gas giant Gazprom used to quote its GDR on SGX too but has since become delisted in May last year because of sanctions imposed following the invasion of Ukraine by Russia.
