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MP Evans Group PLC - Indonesia-focused palm oil producer - Swings to USD4.4 million pretax profit for the six months ended June 30 from a USD557,000 loss a year before as revenue jumps 64% to USD75.9 million from USD46.2 million. Improvement results from a 16% increase in first-half crop size to 334,100 tonnes from 287,200 tonnes as well as 23% increase in average price of crude palm oil cif Rotterdam to USD648 per tonne. Maintains interim dividend at 5.00 pence per share.
Chair Peter Hadsley-Chaplin: "Excellent crop growth during the first half of 2020, combined with a marked increase in the price of [crude palm oil], produced a healthy increase in profit. Operating profit for the period was USD6.0 million compared with USD1.0 million in 2019. World demand for CPO is recovering from the immediate effects of the Covid-19 pandemic and, given both the crop and price prospects for the coming months, the group is maintaining its interim dividend."
Current stock price: 590.00p; up 5.4% on Monday
Year-to-date change: down 19%
By Anna Farley; annafarley@alliancenews.com
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