Last checked at 7 Dec 2012 09:55
7 December 2012
Asian Plantations Ltd
("Asian Plantations" or the "Company")
Trading Update
The Directors are pleased to announce that the Company's wholly owned subsidiary, Asian Plantations Milling Sdn Bhd, has entered into fresh fruit bunch ("FFB") purchase agreements to acquire, in aggregate, 13,000 tonnes of FFB per month from seven neighbouring estates with effect from 1 January 2013.
Combined with the Company's forecast in-house FFB production of approximately 55,000 tonnes for full year 2013, the Company now expects to produce and sell in excess of 45,000 tonnes of crude palm oil ("CPO") in calendar year 2013 to the various refineries in the Bintulu area.
The Company's mill remains on track to begin operations this month.
Dennis Melka, Joint CEO, commented "We are excited to see the strong desire from smaller neighbouring estates to sell their FFB to the Company's mill. The volume of crop to be processed exceeds all our previous estimates and significantly increases our forward revenue projections. We remain confident that we will secure additional third party FFB production to be processed at our mill and will update shareholders in due course. "
-ENDS-
For further information contact:
Asian Plantations Limited Graeme Brown, Co-Founder & Joint Chief Executive Officer Dennis Melka, Co-Founder & Joint Chief Executive Officer
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Tel: +65 6325 0970
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Tel: +44 (0) 203 037 2000
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