Last checked at 18 Aug 2015 11:57
18 August 2015
Anglo-Eastern Plantations Plc
("AEP", "Group" or "Company")
Trading Update
Anglo-Eastern Plantations Plc and its subsidiaries, which owns, operates and develops plantations in Indonesia and Malaysia, amounting to some 128,000 hectares producing mainly palm oil and some rubber of which approximately 64,600 hectares are planted, today announces a trading update ahead of the Company's interim results to 30 June 2015 which are expected to be announced on 27 August 2015.
As announced at the Company's AGM on 29 June 2015 the CPO CIF Rotterdam price for first five months to 31 May 2015 was approximately 27% lower than for the same period of 2014. The decline in CPO prices together with higher operating costs has meant that profits for the six months to 30 June 2015 will be significantly lower than for the first six months of 2014.
While production level have been maintained at broadly similar levels to those of 2014, the decline in CPO prices means that the Group will report revenues of approximately $104m (1H 2014: $130m) and that profit before tax, excluding any adjustment for revaluation of the Group's Biological Assets, will be approximately $22.0m compared to $43.2m for six months to June 2014. The decline in the CPO price will also impact on the Group's assets and is expected to result in a downward revaluation of the biological asset of approximately $17.0m (1H 2014: gain $23.1m).
The Company retains a strong balance sheet with a net cash position of $76.1m at 30 June 2015 (1H 2014: $80.8m).
For further enquiry, contact:
Anglo-Eastern Plantations Plc | |
Dato' John Lim Ewe Chuan | +44 (0)20 7216 4621 |
Charles Stanley Securities | |
Russell Cook Karri Vuori | +44 (0)20 7149 6000 |