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New Britain Palm Oil Q1 Pre-tax Profit Soars, Stock Up

New Britain Palm Oil (NBPO.L), a producer of sustainable palm oil, said first-quarter profit before tax, excluding IAS 41, surged to $21.4 million from $4.8 million in the previous year.

Nick Thompson, CEO, said, "The Group's profit before tax in the first quarter, excluding unrealised non-cash foreign exchange losses, was USD 32.4 million, an increase of over 150% on the same period last year reflecting higher production at better extraction rates, higher selling prices achieved and lower costs of production...''

Sales increased to $168.8 million from $147.0 million in the prior year. The group processed 618,880 tonnes of Fresh Fruit Bunches or FFB, up 10.3 percent from the same period last year.

After the end of the quarter, the group's 6,300 Ha oil palm site in the Solomon Islands was impacted by heavy rain from a tropical depression. According to the company, major cleanup and sanitation works are continuing and no major operational impact is expected at this stage.

The stock added 3.5 percent and was trading at 432.00 pence.

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