Anglo-Eastern Plantations Share News (AEP)

Palm oil producer Anglo-Eastern Plantations said extreme weather conditions have resulted in lower than expected yields so far this year.For the nine months ended 30 September 2010, the group's own production of fresh fruit bunches (FFB) and bought in FFB decreased by 5% and 4% respectively, in comparison with the same period in 2009. Total Crude Palm Oil (CPO) produced was 6% lower than the corresponding period in 2009.CPO prices achieved in the third quarter averaged $860 per metric tonne (mt), a 7% improvement on the average price of $805/mt achieved in the first half of the year. That brought the average price for the first nine months of 2010 up to $826/mt, a 22% improvement on the $679/mt achieved in the corresponding period of last year. "CPO and FFB prices are now relatively stable and, in the absence of further adverse weather conditions, management is cautiously optimistic on the near term economic prospects of the industry," the company said.Net cash at the end of September had risen to $35m from $27.1m at the end of June.