29th May 2019 10:44
(Anglo-Eastern Plantations on Wednesday corrected the amount of fresh fruit bunches produced in the first quarter and the planted acreage.)
LONDON (Alliance News) - Anglo-Eastern Plantations PLC on Thursday said its production of fresh fruit bunches increased in the first quarter of 2019, while crude palm oil production and price fell.
The company has plantations amounting to 128,200 hectares, of which 70,200 hectares are planted. The company's new planting for the first quarter of 2019 totalled 399 hectares.
The producer of palm oil and rubber across Indonesia said own production of fresh fruit bunches in the three months to the end of March was 238,900 tonnes, an increase of 3% compared to the same period in 2018.
The company said its plantations in North Sumatera and Kalimantan experienced a better harvest whereas plantations in the Bengkulu and Riau regions, saw a drop in production.
Fresh fruit bunches bought-in was 196,400 tonnes compared to 211,900 tonnes a year earlier, in line with a drop in fresh fruit bunches harvested in the same region. As a result, the crude palm oil produced was 88,100 tonnes, 4% lower than the corresponding period in 2018.
The crude palm oil price averaged USD538 per tonne for the first three months of 2019. This represents a decline of 20% from the average price of USD672 per tonne recorded in the first quarter of 2018 but is above USD517 per tonne at the start of 2019.
"Palm oil prices are at a large price discount to soybean oil, although it remains volatile," the company said in a statement Thursday.
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