MARKET DEVELOPMENT
New Britain Palm Oil First-Half Profit Up On Higher Production, Prices
New Britain Palm Oil First-Half Profit Up On Higher Production, Prices
31/07/2014 (Alliance News) - New Britain Palm Oil Ltd Wednesday reported strong growth in both profit and revenue for the first-half of the year, boosted by higher production, volumes and selling prices.
The palm oil producer, which operates in Papua New Guinea, reported a pretax profit of USD75.9 million for the six months to June 30, up from USD23.2 million the previous year. Whilst benefiting from strong revenue and volume growth, the group's profit was largely boosted by a USD20.4 million profit gain, mostly arising on recognition of agricultural products. The prior year it only booked a profit gain of USD2.4 million.
Revenue in the period increased by 9.5% to USD337.9 million, up from USD308.6 million a year earlier, boosted by higher average selling prices and higher volumes shipped.
"The group's operational performance for the first half of 2014 was very strong with record production of FFB [fresh fruit bunches] and total oils... together with better extraction rates, higher selling prices achieved and lower costs of production," said Chief Executive Officer Nick Thompson in a statement.
The company said that fresh fruit bunches and palm oil production in the first-half of the year was driven by a particularly strong performance in May.
It processed 1.3 million tonnes of fresh fruit bunches during the period, compared to 1.16 million tonnes in the previous year.
The palm oil producer, which operates in Papua New Guinea, reported a pretax profit of USD75.9 million for the six months to June 30, up from USD23.2 million the previous year. Whilst benefiting from strong revenue and volume growth, the group's profit was largely boosted by a USD20.4 million profit gain, mostly arising on recognition of agricultural products. The prior year it only booked a profit gain of USD2.4 million.
Revenue in the period increased by 9.5% to USD337.9 million, up from USD308.6 million a year earlier, boosted by higher average selling prices and higher volumes shipped.
"The group's operational performance for the first half of 2014 was very strong with record production of FFB [fresh fruit bunches] and total oils... together with better extraction rates, higher selling prices achieved and lower costs of production," said Chief Executive Officer Nick Thompson in a statement.
The company said that fresh fruit bunches and palm oil production in the first-half of the year was driven by a particularly strong performance in May.
It processed 1.3 million tonnes of fresh fruit bunches during the period, compared to 1.16 million tonnes in the previous year.