(Alliance News) - Anglo-Eastern Plantations PLC on Wednesday reported a first-half earnings rise and the palm oil and rubber producer noted that its operations are now close to normal levels again following Covid-19 disruption.
Revenue in the six months to June 30 jumped 26% year-on-year to USD123.1 million from USD97.9 million. Pretax profit surged to USD16.8 million from GBP1.6 million a year earlier.
Saleable crude palm oil output during the half was 7.0% higher annually at 189,900 metric tonnes, with crude palm oil sales up 7.3% to 195,900 metric tonnes.
"The CPO price ex-Rotterdam for the first half of 2020 averaged USD648 a metric tonne, 23% higher than last year," Anglo-Eastern said.
"The price has gradually trended downwards from the start of the year at USD878 a metric tonne to close at USD576 a metric tonne on June 30 but has since increased to USD702 a metric tonne as at August 19. CPO prices are expected to remain volatile and under pressure for the second half of 2020."
Rubber price average USD1,174 a metric tonne, 11% lower than the first half of 2019.
Anglo-Eastern added: "There is cautious reprieve from the Coronavirus pandemic as many countries are easing their lockdowns and encouraging their population to return to economic activities but to remain safe. There are expectations of a second wave and in fact some countries are experiencing it. We have gone through more than three months of the Covid-19 outbreak without significant impact to our productions as our plantations and mills have been able to operate close to normal levels.
Shares in the company were untraded at 500.00 pence each in London on Wednesday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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Anglo-Eastern Plantations (AEP)