(RTTNews) – Oil palm and rubber cultivator Anglo-Eastern Plantations plc (AEP.L) reported Friday an increase in first-half profit, driven by higher prices for crude palm oil and rubber. Looking ahead, the board remains confident of reporting a satisfactory profit level and cash flow for the second half.
Profit before tax for the half year increased to US$26.69 million from US$24.03 million in the previous year.
Profit attributable to equity holders was US$16.57 million or 41.93 cents per share, higher than US$14.05 million or 35.6 cents per share in the prior year. Earnings before Biological asset revaluation movement or BA adjustment for the recent period was US$16.34 million.
Revenue for the first half grew to US$77.92 million from US$57.64 million in the same period last year, helped by higher crude palm oil prices as a result of improved global economic conditions and strengthening of Indonesian Rupiah. The company noted that revenues from four customers of the Indonesian segment represented about $68.1 million of the Group’s total revenues. Anglo-Eastern Plantations owns nearly 141,000 hectares of plantation land primarily in Indonesia.
Market average price for crude palm oil for the period improved 24% to US$805 per mt from US$650 per mt in the prior-year period. Rubber prices averaged around US$2,922 per mt, up from US$1,330 per mt in the same period in the year 2009. Total own crop production declined 6% to 266,190 mt a year ago, mainly due to a 16% decline in estates fresh fruit bunch or FFB production from Bengkulu estates. Rubber production decreased to 320 mt from 352 mt in the preceding year.
Looking ahead, the company expects operating costs to increase further due to the increasing fertilizer costs planned in the second half of 2010.
AEP.L is currently trading at 560 pence, down 27.5 pence or 4.68%, on a volume of seven thousand shares.
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