1st Jul 2014 10:08
LONDON (Alliance News) - Asian Plantations Ltd Tuesday said its loss widened in 2013, as higher production pushed up revenue but also pushed up production costs.
The AIM-listed palm oil plantation company, which has operations in Malaysia reported revenues of USD23.8 million in 2013, from only USD2.8 million in 2012, as its produced and sold significantly more.
However the company's pretax loss during the year widened to USD11.5 million, from USD7.0 million a year earlier, as the cost of sales rose to USD27.5 million. The costs of sales were only USD2.2 million in 2012.
"We are pleased with the results for 2013 which reported substantial revenue growth. Taking account of our performance to date we look forward to the future with confidence," said Joint chief Executive Officer Graeme Brown in a statement.
Asian Plantations said it produced and sold 26,584 tonnes of crude palm oil in 2013, as well as 5,604 tonnes of palm kernel buts and 12,455 tonnes of fresh fruit bunches.
In 2014, the company said it expects to sell 45,000 tonnes of crude palm oil, 10,000 tonnes of palm kernel nuts and 20,000 tonnes of fresh fruit bunches.
The company issued a statement Monday said it was still in talks with several parties that may lead to its acquisition, but cautioned that there can be no certainty a deal will be done.
Asian Plantations shares were trading 3.2% higher Tuesday morning at 216.65 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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