MARKET DEVELOPMENT
MP Evans FY Profit Nearly Halves To $21.55M
MP Evans FY Profit Nearly Halves To $21.55M
17/04/2013 (StockMarketWire.com) - MP Evans' profit for the full-year nearly halved to $21.55 million, from $39.7 million 12 months earlier.
It maintained its dividend for the year at 8p, including an interim dividend of 2.25p that had already been paid. MP Evans is a producer of Indonesian palm oil and Australian beef cattle.
"The Indonesian plantation results were similar to last year with an 11% decline in the palm-oil price offset by a sharp increase in crops to well above our 300,000-tonne target for the year," the company said in a statement.
"The results from the Group's plantation associates were lower, in line with the weaker palm oil price," it said.
In Australia, despite higher sales and strong cash inflows, NAPCo made a loss following a reduced year-end cattle-herd valuation, resulting from lower prices and lighter weights, and a modest property write down.
Woodlands also recorded a loss following a difficult season but conditions have much improved in 2013. Palm-oil prices have edged higher in 2013 whilst cattle prices have remained at similar levels.
"The board believes the longer-term prospects for both markets remain favourable."
It maintained its dividend for the year at 8p, including an interim dividend of 2.25p that had already been paid. MP Evans is a producer of Indonesian palm oil and Australian beef cattle.
"The Indonesian plantation results were similar to last year with an 11% decline in the palm-oil price offset by a sharp increase in crops to well above our 300,000-tonne target for the year," the company said in a statement.
"The results from the Group's plantation associates were lower, in line with the weaker palm oil price," it said.
In Australia, despite higher sales and strong cash inflows, NAPCo made a loss following a reduced year-end cattle-herd valuation, resulting from lower prices and lighter weights, and a modest property write down.
Woodlands also recorded a loss following a difficult season but conditions have much improved in 2013. Palm-oil prices have edged higher in 2013 whilst cattle prices have remained at similar levels.
"The board believes the longer-term prospects for both markets remain favourable."