27th Aug 2015 12:12
LONDON (Alliance News) - Anglo-Eastern Plantations PLC on Thursday said its pretax profit was dragged lower by weaker crude palm oil prices and production in the first half.
Anglo-Eastern Plantations said its pretax profit in the first half, taking into account the revaluation of its biological assets, was sharply lower, down to USD5.0 million from USD66.3 million. Stripping out this revaluation, pretax profit still fell to USD22.0 million from USD43.2 million in the half.
Revenue for the group was down to USD104.0 million from USD130.0 million, as its fresh fruit bunches production in the half fell by 1% year-on-year due to the replanting of old palms and the time taken for the crop harvest to return to normal following the flooding which hit Northern Sumatra in December 2014.
The company said its revenue was also dragged lower by the considerable fall in crude palm oil prices in the half, which contributed to the biological asset writedown.
Shares in the company were down 6.9% to 540.00 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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