8th Nov 2013 11:01
(An item published at 1049 GMT, incorrectly stated the share price. The correct version follows.)
LONDON (Alliance News) - Palm Oil producer REA Holdings PLC Friday said disputes with villagers on its lands in Indonesia had hit palm oil production in the first 10 months of the year, although production has increasing in recent months after the issues were resolved.
The company said it had harvested 463,052 tonnes of fresh fruit bunches in the first 10 months of the year, down from 488,410 tonnes in the year-earlier period, after the disputes hit harvesting in the first half of the year. It said production rates had increased to about 54,000 tonnes a month in September and October, from 44,000 tonnes a month in the first half of the year.
However, the company processed more as it bought in more fruit bunches, although palm oil output still fell as extraction rates fell. It said it processed 539,844 tonnes in the ten months, up from 537,403 tonnes a year earlier, but crude palm oil production was 117,670 tonnes, down from 123,403 tonnes.
It said it was continuing to develop a quarry at its stone concession to provide crushed stone for building and maintenance of infrastructure in the agricultural operations and for sale to other users in the surrounding area.
The company's shares were down 1.2% at 420 pence Friday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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