17th Sep 2018 10:07
LONDON (Alliance News) - MP Evans Group PLC said on Monday its interim profit and revenue dropped as the average price of crude palm oil decreased by 10%.
For the six months to the end of June, the Indonesian palm oil producer reported pretax profit of USD10.1 million, down from USD18.0 million recorded a year ago, on revenue that fell to USD53.8 million from USD57.5 million the year before.
Crude palm oil production increased by 23% to 91,000 tonnes from 74,900 tonnes in the first half. Average price of oil fell by 10% to USD663 per tonne from USD735.
"With crops 27% higher in the first half of 2018 than last year, the group is visibly delivering the expected growth in crops as its young plantings mature and its hectarage continues to increase. Our production costs have fallen, but whilst lower CPO prices meant the increases in crops and production were not matched in the first half of 2018 by an increase in profit, the board is maintaining its interim dividend at 5.00 pence per share," said Chairman Peter Hadsley-Chaplin.
Shares in MP Evans remained flat at 756.00 pence each on Monday.
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