New Britain Palm Oil Limited (NBPO.L) announced its unaudited preliminary results for the year ended 31 December 2012. Profit before tax for the year plunged to US$4.39 million from US$59.40 million in the previous year. Profit before tax excluding the effects of revaluing biological assets under IAS 41 declined to US$81.64 million from US$275.54 million in the prior year.
Net profit attributable to ordinary shareholders declined to US$632 thousand from US$76.50 million in the prior year. Earnings per share decreased to US$0.004 from US$0.528 in the prior year.
Net profit attributable to ordinary shareholders before changes in fair value of biological asset was US$53.80 million down from US$204.60 million in the prior year. Basic earnings per share before changes in fair value of biological assets was US$0.360, down from US$1.408 last year.
Revenue for the year decreased 13.2% to US$677.0 million from US$780.1 million last year due to lower volumes and lower prices for palm oil.
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