LONDON (Alliance News) - Asian Plantations Ltd Thursday said it met its 2013 sales expectations for both crude palm oil and palm kernel nuts and gave a confident outlook for the market and its revenues in 2014.
In a trading update, the company, which acquires and develops palm oil plantation land in Sarawak, Malaysia, said that it sold 26,584 tonnes of crude palm oil for MYR62.8 million, repsenting an average price per tonne of MYR2,632.
It said that it sold 5,604 tonnes of palm kernel nuts for MYR7.6 million, which represents an average price per tonne of MYR1,360.
"We believe that the outlook for the crude palm oil price in 2014 is promising and anticipate that this will further drive the company's revenues over the coming year," said Joint Chief Executive Officer Graeme Brown in a statement.
Asian Plantations also said that it sold 12,949 tonnes of fresh fruit bunches for a total of MYR5.0 million, representing an average price per tonne of MYR385.
It said that the total amount of fresh fruit bunches it either sold or processed, was 141,555 tonnes, of which 30,256 tonnes was produced on its estates, and the remainder sourced from third party estates.
Shares in the company were up 1.7% at 207.00 pence per share Thursday afternoon.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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