14th Apr 2014 11:03
LONDON (Alliance News) - MP Evans PLC Monday said that its profit increased in 2013, despite lower revenues, and it raised its dividend for the year by 0.25 pence to 8.25 pence.
The group's assets consist of oil-palm plantations, both majority and minority held, in Indonesia, beef cattle interests in Australia and property development in Malaysia.
It reported a net profit for the year of USD19.8 million, up from USD17.7 million in 2012, even though revenues fell to USD82.2 million, from USD83.2 million. It cited a 9% rise in sales of plam oil fresh fruit bunches for the profit increase, even though palm oil prices fell.
The Indonesian palm-oil and cattle-production company raised its dividend for the year by 0.25 pence to 8.25 pence.
The group said that price prospects for beef cattle and palm oil remain favourable.
MP Evans said that despite a marked 14% fall in palm-oil prices during 2013, its gross profit from its Indonesian operations was similar the prior year, as fresh fruit bunches crops continued to rise, particularly on its new Kalimantan project.
It said that cattle unit North Australian Pastoral Company Pty Ltd made a similar loss to 2012 in 2013 following very dry conditions, but was helped by newly-expanded feedlot.
It said that it has seen good rainfall so far in 2014, and cattle prices have strengthened.
MP Evans said that in Malaysia, it saw a marked increase in profits by Bertam Properties in 2013, due to completion of an increased number of developed-property sales.
MP Evans shares were down 1.2% at 440.00 pence per share Monday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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