15/04/2011 (Stock Market Wire) - Malaysian-focused palm oil plantation company Asian Plantations Limited reported a pre-tax loss of $3.8m for the year to December, against the previous $1.4m.

The period included the company's first fresh fruit bunch sale. Revenue was $0.3m, previously nil.

Loss per share rose to 11.6c from 6.1c.

The company said its first revenue was 'an important milestone given the intensive capital investment in our estates since 2008'.

Net assets on December 31 totalled $18.0m compared with $13.4m a year earlier. The group had gross bank loans and borrowings of $38.6m, up from $22.5m.

At end-March 2011, it had an additional $26.8m in undrawn bank lines for its plantation development activities.

The company said completion of the acquisition of Fortune Plantation had significantly enlarged its land bank to 15,645 hectares and was an important step towards its target of 20,000 hectares within two years of listing.

Its planting programme was on track, with more than 4,051 hectares planted at the year end and three nurseries in operation.

Joint CEO Dennis Melka said, 'The next 18 months promise to be exciting and challenging phase for the group, as we continue to consolidate neighbouring land parcels selectively, complete the planting works on our existing parcels and open our milling complex.'