RNS Number:7023K
United Plantations Africa Ld
02 May 2003


                       UNITED PLANTATIONS AFRICA LIMITED

                            1ST QUARTER REPORT 2003


                  UNAUDITED REPORT FOR THE FIRST QUARTER ENDED
                                31st  MARCH 2003


The Board of Directors presents its report based on the unaudited figures for
the first quarter ended 31st March 2003.

RESULTS

Results for the first quarter have not been presented historically and comprise
mainly of costs incurred during the first quarter. These costs are in line with
budget.

Due to the seasonal nature of the Group's main activity of citrus farming,
expenditure is incurred throughout the year, the greater part of the income is
received in the second half of the year.

Accordingly, the results set out below are not indicative of the likely annual
performance.

PRODUCTION
Production figures for the first quarter, together with comparative figures for
the same period last year, and for the whole of 2002, are as follows:

                                           3 Months to           Year to
                                            31st March        31st December
                                          2003     2002                   2002
Export Cartons ('000):

Oranges (15kg cartons)                       -        -                    672
Grapefruit (15kg cartons)                    -        -                    408
Limes (4kg cartons)                         31       21                     29

Local Sales (Tonnes)

Citrus                                       -        -                 14,153
Limes                                      171      132                    474
Bananas                                    927      738                  3,400
Sugar (Sucrose)                              -        -                  5,144


Oranges, Grapefruit and Sugar production are shown as zero as harvesting
commences in the second quarter.

Lime production is in line with budget for the period but lime juice production
is down marginally below the estimate.

Banana volumes per hectare remain high for the areas under drip irrigation. All
flood irrigated areas (20ha) have been removed.

Unaudited revenue and expenditure for the three months ended 31st March 2003

The unaudited revenue and expenditure for the three months to 31st March 2003,
together with figures for the same period in 2002 and the summarized figures
extracted from the audited results for the year ended 31st December 2002, are
set out below:

(All figures expressed in R 000's)

                                   3 Months to                   Year to
                                    31st March                 31st December
                                   2003               2002                2002
                       Group    Company   Group    Company   Group     Company
Revenue                 2,293         6    1,990         0    57,819       526
Expenditure             9,401       568    8,277       638    57.267      2085
Net profit/(loss)
before taxation                                                  552    (1,559)
                                                                
Revenue and expenditure for the three-month period to 31st March 2003 are based
upon the total revenues received to date, and total actual costs incurred in the
production of all products.

No Grapefruit, Oranges or Sugar sales were recorded in the first quarter.

PROSPECTS

The estimated number of cartons budgeted for export, excluding industrial fruit,
is 915,000 (15kg units) cartons (2002 - 891,000 cartons).  The export industrial
fruit forecast is 220,000 (15kg) cartons (2002 - 187,000 cartons). Packout
percentages for Orange and Grapefruit exports are predicted to be better than in
2002.

New citrus development and replantings continue to be established under the Open
Hydroponics System which is expected to improve fruit quality and size through
the programmed control of water and nutrients to trees.

Lime export volumes are expected to fall short of budget for the year due to an
oversupply of limes in the Middle East market. It is unlikely that summer
limejuice sales lost as a result of bought in supply problems will be made up
over the rest of the year.

The Banana volume forecast is expected to be achieved by the end of the year.
Revenue forecasts should be met if prices remain stable for the rest of the
year.

The South African Rand has strengthened considerably during the year to date,
and, if sustained, will exert a negative effect on Orange, Grapefruit and
Sucrose revenues.

Profitability in 2003 remains a function of export revenues, which in turn are
substantially dependent upon prices realised in the export markets and the level
of exchange rates prevailing throughout the year. At the present stage of the
season it is not possible to assess the combined impact of these two influences
with ay degree of certainty.

DIVIDENDS

The policy of considering the declaration of only a final dividend each year, if
any will continue.

EXCHANGE RATES

The Rand (ZAR) exchange rates as at 31st March 2003 were ZAR 12.5134 to the
Pound Sterling, ZAR 8.6293 to the Euro, and ZAR 1.1619 to the Danish Kroner.


By Order of the Board

J Hebbert
Secretary

30 April 2003


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