MARKET DEVELOPMENT
First Half Losses Increase at Asian Plantations
First Half Losses Increase at Asian Plantations
01/10/2013 (Interactive Investor) - First half losses increased at Asian Plantations, a palm oil plantation company with operations in Malaysia.
In the six month period ended 30 June 2013 losses were $6.921m, compared to a loss of $4.294m in the same period last year.
Revenues were $963,000, a decrease of 18%, despite an increase in the production and sale of fresh fruit bunches ("FFB").
The decrease in revenue is attributable to lower international crude palm oil ("CPO") prices, unfavourable exchange rate movements and a delay in the issuance of regulatory approvals to process third party FFB.
The necessary local approvals were subsequently received in June and the company's processing of third party FFB has grown strongly from 7,919 tonnes in July to 16,271 tonnes PCM in August and has exceeded 23,000 tonnes this month.
At 11:46am: (LON:PALM) share price was -1p at 213p.
In the six month period ended 30 June 2013 losses were $6.921m, compared to a loss of $4.294m in the same period last year.
Revenues were $963,000, a decrease of 18%, despite an increase in the production and sale of fresh fruit bunches ("FFB").
The decrease in revenue is attributable to lower international crude palm oil ("CPO") prices, unfavourable exchange rate movements and a delay in the issuance of regulatory approvals to process third party FFB.
The necessary local approvals were subsequently received in June and the company's processing of third party FFB has grown strongly from 7,919 tonnes in July to 16,271 tonnes PCM in August and has exceeded 23,000 tonnes this month.
At 11:46am: (LON:PALM) share price was -1p at 213p.