1st Nov 2018 13:38
LONDON (Alliance News) - Indonesia focused palm oil producer Anglo-Eastern Plantations PLC said on Thursday it saw a rise in palm oil production for the first nine months of 2018 due to higher production and purchases of fresh fruit bunches.
Total crude palm oil for the nine months to the end of September came up to 316,920 metric tonnes, up 9% from 290,840 tonnes the year before, on 14% higher production of fresh fruit bunches of 787,160 metric tonnes, and 2% increase in fresh fruit bunches bought-in at 760,460 tonnes.
The company said the crude palm oil price, ex-Rotterdam, averaged USD629 per metric tonne for the nine-month period, down from 13% from USD723 per tonne the prior year, due to a higher inventory of palm oil and weaker demand.
New planting for the period totalled 1,156 hectares, of which replanting made up 394 hectares. Anglo-Eastern said it has continued to face difficulty in concluding land compensation settlement with villagers in Bengkulu and Bangka due to "unreasonably high" land prices.
Shares in Anglo-Eastern Plantations were up 1.2% at 582.00 pence on Thursday.
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