18th Aug 2015 11:12
LONDON (Alliance News) - Anglo-Eastern Plantations PLC Tuesday issued a profit warning for the first half of 2015, saying that its profit would be "significantly lower" than in the first half of 2014 due to a fall in the price of crude palm oil.
The company said that its pretax profit for the six months to June 30 will fall to USD22.0 million from USD43.2 million in the same period the prior year. It said that the crude palm oil CIF Rotterdam price for the first five months of the year was approximately 27% lower than that of the year before.
Anglo-Eastern added that while production levels have been maintained at broadly similar levels to those of 2014, revenue for the first half of 2015 will fall to USD104 million from USD130 million, and that the valuation of its assets will drop to USD17.0 million from USD23.1 million.
Shares in Anglo-Eastern were trading down 9.2% at 550.00 pence following the announcement midday Tuesday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Anglo-Eastern Plantations