UNICO-DESA Plantations Bhd expects to perform better in its current yearended March 31, 2001, thanks to higher crude palm oil (CPO) prices, itschairman and managing director Tan Sri Ngan Ching Wen said.Speaking to reporters after the company AGM in Kuala Lumpur yesterday,Ngan said the plantation company had locked in favourable CPO prices forthe next five months, and hence was likely to report better results in itscurrent financial year.He declined, however, to disclose the average CPO prices locked in, exceptto say that he expects CPO to remain at around RM1, 100 per tonne thisyear.For the financial year ended March 31 this year, the group suffered a57.4% drop in pre-tax profit to RM8.84mil, down from RM20.74mil the yearbefore as a result of a lower CPO prices.Turnover was 26.4% lower to RM76.3mil, from RM103.62mil previously.Ngan said the RM8.84mil pre-tax profit was lower than the group’s profitforecast of RM26.43mil as average CPO prices sold by Unico-Desa during theyear under review was only RM828 per tonne instead of the projected RM1,100.He said the group had received several proposals to acquire more land toincrease the oil palm acreage, but had not decided on any as it waswaiting for a good price.Listed on the KLSE main board in May last year, Unico-Desa currently hasland bank of about 12,168 ha in Lahad Datu, Sabah.Ngan also said the group would continue to focus on the cultivation of oilpalm, and would not invest heavily on palm oil refinery as it involvedhigh set up costs.Friday, August 24, 2001The Star