NEW BRITAIN PALM OIL COMPANY REPORTS 18 PERCENT GROWTH

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PORT MORESBY, Papua New Guinea (The National, May 5) - New Britain Palm Oil Ltd. reported an 18 percent increase in crop harvest during the first quarter of this year compared to the corresponding period in 2003.

During the January-March period, NBPOL harvested and processed a record of 255,000 tons of palm oil fruits.

Oil production exceeded 63,000 tons for the quarter, 17 percent higher than in 2003.

In the company's first quarter results, company secretary Himson Waninara said NBPOL has changed its accounting system, in which oil stocks were valued at the cost of production.

"Consequently, the 2004 profit for the first quarter was understated when compared with the same period of 2003," he said.

Despite the changes in stock valuation system, profit for the first three months of 2004 was K36.7 million (US$11.3 million) compared to K32.9 million (US$10.1 million) for the same period in 2003.

The main contributing factors had been the increase in the world market prices for palm oil products combined with high crop production.

The company's average crude palm oil (CPO) price was US$527 per ton as compared with US$470 for the corresponding period in 2003. Crop production was ahead of budget 168,757 tons (NBPOL) and 83,608 (Smallholders) bringing total ffb production to 255,889 tons.

"The company is also pleased to announce that it has recently been accredited by SGS as being ISO 14001 compliant for its environmental management systems. This accreditation is important verification of the company's total commitment to sustainable palm oil production," Mr Waninara said.

May 6, 2004

The National: www.thenational.com.pg/

 

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