Billion loss in Brazil for Ulltveit-Moe

IllustrationIllustration.Agricultural. Photo:

Jens Ulltveit-Moe has lost 3.4 billion on its agricultural initiatives in Brazil, said the investor.

The losses were spread over nine years of operation, and last year the deficit was 232 million NOK, said newspaper Nationen. Ulltveit-Moe says he would bet if he knew then what he knows now.

– The decision a few years ago, however, was right, he said, adding that the only one not doing anything wrong is the one who does nothing at all.

He says he has gained dearly bought experience and that there is much that can not be transferred from industry to agriculture, in his case the cultivation of sugarcane.

A strategy that worked was badly planned in the cost factoring, including the expenses for spraying and fertilizing.

– That can be done in industry but in agriculture it is completely idiotic, it meant that harvests declined, which has resulted in repercussions for several years, he said.

But now fertilized and sprayed, the investor is reporting a fantastic growth. He also says that he has acquired “a real farmer” from Vestfold as Chairman. After decades of negative results maybe his Brasil initiatives go into plus numbers next year, says chairman Hans Aasnæs.


Source: NTB scanpix / Norway Today