Their gross profit also decreased to $11.4m.
Don Agro International Limited reported a net loss of $13.8m in H1 2024, an increase from a net loss $1.3m from the same time last year, according to its recent unaudited condensed consolidated interim report.
The group's administrative expenses increased by 55.2% to $2.5m in H1 2024 due to an increase in transactional services related to the sale of shares Target Group and Volgo Agro LLC.
The group's gross profit also decreased to $11.4 million in H1 2024 due to their decrease in revenue by 26.2% to $4.5m.
Moreover, the decrease was also attributed to a decrease in the cost of sales of $5.1m and a decrease in the gain from the change in the fair value of biological assets and agricultural produce of $12.1m.
Net cash flows used in operating activities increased to $6.3m in H1 2024 due to the adjustment for the revaluation of biological assets and agricultural produce for $12.1m.
Moreover, it was also attributed to the relatively higher value of biological assets as of 30 June 2024, compared to 31 December 2023.
