New Britain Palm Oil Limited (NBPO.L), announced its interim results for the six months ended 30 June 2012. Revenue decreased by 9.4% over the comparative period to $366.1 million from $403.9 million, due to lower volumes shipped and the lower average selling prices achieved.
Profit before tax for the period was $66.4 million including IAS 41 compared to $121.9 million prior year. Profit before tax for the first six months of 2012 was $63.5 million, excluding IAS 41.
Earnings per share for the six months of 2012, including the effects of IAS 41, fell to 30.8 cents from 61.9 cents last year. Earnings per share excluding IAS 41 were 29.5 cents.
EBITDA, excluding the effects of revaluing biological assets under IAS 41, was at $99.8 million for the first half of 2012.
Commenting on the results, Mr Nick Thompson, Chief Executive Officer, said, "The Group's results for the first half of 2012 were disappointing as compared to the first half of 2011. The decrease in profitability is due to a number of significant contributing factors and we have prepared a variance analysis in this announcement to separately identify and discuss these factors. Some of the larger variances were out of our control such as the PKO price whilst others such as margin pressure from the significant increase in the currency appreciation will be addressed through management cost saving initiatives. Operationally we expect FFB production and oil extraction rates to normalise in 2013."
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by RTT Staff Writer
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