23rd Feb 2016 09:01
LONDON (Alliance News) - Plantations operator Anglo-Eastern Plantations PLC on Tuesday said it estimates its pretax profit and revenue both fell in 2015 after it faced continued challenges in the second half.
The company, which owns palm oil and rubber plantations in Indonesia and Malaysia, said lower palm oil prices and higher operating costs, which hit its results for the first half, continued into the second.
Though production for the full year rose around 5.0% to 900,400 metric tonnes, revenue is set to be around USD196.5 million in 2015, down from USD251.3 million a year earlier, due to the lower prices.
As a result of this and higher operating costs, Anglo-Eastern anticipates its pretax profit for the year will be around USD46.9 million, down from USD85.0 million a year earlier.
The company said it expects to announce its full 2015 results in April.
Anglo-Eastern shares were down 3.2% to 483.03 pence on Tuesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Anglo-Eastern Plantations