14th May 2018 12:23
LONDON (Alliance News) - Liberia-focused Equatorial Palm Oil PLC said Monday its half-year loss deepened amid expanded losses at its joint venture as it prepares for production from its new mill later in the year.
For the six months ended March, pretax loss deepened to USD2.0 million from USD1.1 million the year prior. This was despite revenue growing to USD90,000 from USD81,000 the year before.
Profit performance was hurt by a bigger operating loss at its joint venture Liberian Palm Developments Ltd, in which it holds a 50% stake. The share of this loss attributable to Equatorial Palm was USD2.0 million, up from USD1.2 million the year prior.
"The commissioning of the new palm oil mill at Palm Bay estate in Q3 2018 will be a significant milestone for EPO," Equatorial Chairman Michael Frayne said. "In addition to the mill, the group is also building a kernel crushing plant and a bio-gas plant both of which will be a first for Liberia."
"EPO has been in Liberia for over a decade and the commencement of production at our new mill later this year from our palms planted from 2011 will mark a fantastic achievement for the company," Frayne added.
"The sustainable palm oil business is a long-term commitment to the Government of Liberia and its people, and the company maintains its unwavering support for the agricultural industry in Liberia through partnering with all stakeholders", Frayne continued.
Shares in Equatorial Palm Oil were 7.1% higher at 2.25 pence on Monday.
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