Anglo-Eastern Plantations PLC Interim Management Statement (6957Y)
May 19 2016 - 2:02AM
UK Regulatory
TIDMAEP
RNS Number : 6957Y
Anglo-Eastern Plantations PLC
19 May 2016
19 May 2016
Anglo-Eastern Plantations Plc
("AEP", "Group" or "Company")
Interim Management Statement
Anglo-Eastern Plantations Plc and its subsidiaries, which owns,
operates and develops plantations in Indonesia and Malaysia,
amounting to some 128,600 hectares producing mainly palm oil and
some rubber of which approximately 65,200 hectares (including
Plasma) are planted, today announces its Interim Management
Statement in respect of the period since 31 December 2015.
Operational and financial performance
For the first three months ended 31 March 2016, our own
production of fresh fruit bunches ("FFB") was 187,000mt, an
increase of 9% compared to the same period in 2015 (3M15:
172,200mt). Increased production was in line with higher matured
planting from the Kalimantan plantations. FFB bought-in was
110,800mt, which represents a decrease of 13% in comparison with
the same period in 2015 (3M15: 127,900mt). Total Crude Palm Oil
("CPO") produced was 63,200mt, 9% higher than the corresponding
period in 2015 (3M15: 58,200mt) due to better oil extraction
rate.
CPO CIF Rotterdam price averaged $630/mt for the first three
months to 31 March 2016. This represents a decrease of 6% from the
average price of $669/mt recorded in the first quarter of 2015 but
is above $560/mt being the price at the start of 2016.
The Group's balance sheet remains strong with the Company
continuing to generate positive cash flow. The Company's Long Term
Development Loans totalled $35.8m as at 31 March 2016 (31 March
2015: $34.9m). The increase is due to a loan drawdown in February
2016. The Group has net cash of $67.3m as at 31 March 2016.
Development
The Group's new planting for the three months ended 31 March
2016 totalled 186 hectares. As reported previously this was
primarily due to delays in settlement with the villagers for land
compensation payments. These negotiations are continuing and
management is confident that some of these negotiations will be
concluded successfully. The replanting of circa 1,500 hectares in
North Sumatera will start in the second quarter of 2016 and should
be completed by the year end.
The Biogas plant in Central Kalimantan is about 75% completed
and expected to be operational by the start of fourth quarter of
2016. Civil works for a third Biogas plant within the Group has
started in Bengkulu. This is in line with the Group's commitment to
reduce its carbon foot prints.
Outlook
The CPO CIF Rotterdam price started the year at $560/mt and has
been rising rapidly; it closed at $731/mt on 31 March 2016. The CPO
price is expected to remain strong until at least the end of June
2016 due to concerns over weaker CPO supply resulting from the
El-Nino effect and the heat wave experienced in Indonesia and
Malaysia.
The improving crude oil prices will also enhance the
competitiveness and development in biodiesel which will result in a
higher demand for CPO.
For further enquiry, contact:
Anglo-Eastern Plantations
Plc
Dato' John Lim Ewe Chuan +44 (0)20 7216 4621
Panmure Gordon
Andrew Godber +44 (0)20 7886 2500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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