03:34 Fri 13 Nov 2020
Anglo-Eastern Plant - Trading Statement
Anglo-Eastern Plantations Plc
("AEP" or the "Company")
Trading Statement
Anglo-Eastern Plantations Plc, a major producer of palm oil and some rubber across
Operational and financial performance
For the first nine months ended
CPO price ex-
The Group's balance sheet remains strong. The Company's Long Term Development Loans have been fully repaid as at
Development
AEP has plantations across
The contract for the civil and structural works for the seventh mill in North Sumatera has been awarded and the works at site are scheduled to begin in Q4 2020.
The construction of the fourth biogas plant in North Sumatera has been completed but AEP is unable to sell the surplus electricity generated as the national grid has suspended all uptake due to lower electricity demand following the shutdown of many economic activities during the virus pandemic in
Outlook
CPO prices are expected to be strong for the remaining part of the year due to anticipated supply shortage because of the moderate La Nina weather phenomenon and the surge in the price of soyabean oil, a competing peer. However, there are rising concerns of a second and third wave of coronavirus pandemic in key importing countries which may affect market demand for palm oil.
For further enquiry, contact:
Anglo-Eastern Plantations Plc |
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+44 (0)20 7216 4621 |
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Panmure Gordon (UK) Limited |
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+44 (0)20 7886 2954 |
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