New Britain Palm Oil Limited (NBPO.L), a Papua New Guinea-based producer of palm oil, posted sales of $147 million for the first quarter, while its profit before tax totaled $4.8 million.
Nick Thompson, Chief Executive, said in a statement, "In the first quarter of 2013 the Group processed 561,063 tonnes of Fresh Fruit Bunches ("FFB"), some 6.1% lower than the same period last year, including 155,906 tonnes from smallholders. Crude Palm Oil ("CPO") extraction rates during the period averaged 21.70%, as compared to the corresponding period in 2012 of 22.36%."
He added, "As a result of lower FFB production and lower extraction rates, 121,758 tonnes of CPO was produced, some 8.9% lower than the same period last year. Palm Kernel Oil ("PKO") production was 11,895 tonnes, some 29.9% higher than the same period last year reflecting the Group's increased palm kernel crushing capacity."
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