27/04/2011 (ShareCast) - Malaysian palm oil cultivator Narborough Plantations saw revenue more than double in the first quarter of 2011 from a year earlier, while profits soared on the back of higher palm oil prices.

First quarter revenue was £0.52m, up from £0.24m the year before. Profit before tax increased to £0.44m from £0.95m in the first quarter of 2009.

The average price of fresh fruit bunches (FFB) of oil palms in the first quarter was RM759.31 (Malaysian ringgits), up 41.72% on the RM535.80 achieved the year before. The FFB yield for the quarter also increased, by 27.83%, from 2,427 metric tons to 3,103 metric tones in the first quarter of the previous year.

Net asset value per share edged up to 81.45p at the end of March 2011 from 80.42p a year earlier.

Barring any unforeseen circumstances, the directors expect the performance of the company for the current financial year to be satisfactory.