Amira Nature Foods Ltd Announces Results For The Six Months Ended September 30, 2016

Amira Nature Foods Ltd (the "Company;" or "Amira") (NYSE: ANFI), a leading global provider of branded, packaged Indian specialty rice, today reported financial results for the six months ended September 30, 2016.

Six Months Ended September 30, 2016:
  • Revenue of $210.9 million
  • Adjusted EBITDA of $27.4 million
  • Adjusted EBITDA margin of 13.0%
  • Profit after tax of $10.0 million
  • Adjusted profits after tax of $12.2 million
  • Earnings per share ("EPS") of $0.27
  • Adjusted earnings per share ("Adjusted EPS") was $0.34
  • Net debt to last twelve months Adjusted EBITDA of 2.6x

Bruce Wacha, Amira's Chief Financial Officer stated, "Our business continues to recover from the challenges that we faced in fiscal 2016. Although we saw lower sales for the six months ended September 30, 2016 compared to the prior year, our margins remained strong and our balance sheet healthy. The sales declines that we saw were largely driven by reduced pricing and the impact of currency translation due to the stronger dollar relative to our rupee denominated India business. We believe that our India position has bottomed, while we have managed to hold onto our international business. We have a great platform for growth, benefiting from dual pillars of attractive industry dynamics and deeply entrenched positions in our core geographies. We remain committed to continued improvement in new and existing customer relationships and a return to growth."

Six Months Ended September 30, 2016 Results

Revenue decreased $20.8 million, or 9.0%, to $210.9 million in the six months ended September 30, 2016 from $231.7 million in the six months ended September 30, 2015. The decline in revenue was largely, including among other things, due to the current industry trends towards the lower pricing and the impact of FX on the Company's India business.

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