Anglo-Eastern Plantations PLC Trading Update (3646W)
August 18 2015 - 6:57AM
UK Regulatory
TIDMAEP
RNS Number : 3646W
Anglo-Eastern Plantations PLC
18 August 2015
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
This information is provided by RNS
The company news service from the London Stock Exchange
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