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Business |
NBPOL net profit up 3.12% to K66
million
THE New Britain Palm Oil Ltd reported
an after tax profit of K66 million for last year, up 3.12% from
the previous year’s K64 million.
This was revealed in its 2006 financial report submitted to the
Port Moresby Stock Exchange.
The company also reported that it had processed over a million
tonne of oil palm kernel.
Crude palm oil (CPO) production increased from 213,189 tonnes in
2005 to 235,099 last year.
Prices for CPO averaged 5.7% higher than 2005 with an average of
US$467.28 (K1,465) per tonne cost, insurance and freight (CIF)
recorded compared to US$411.95 (K1291.35) in 2005.
The company said while it increased its revenue, it also incurred
increased milling and maintenance costs along with the increase in
freight and transport costs due to high diesel fuel prices.
NBPOL’s subsidiary in the Solomon Islands, the Guadalcanal Plains
Palm Oil Ltd, had begun harvesting and milling.
Oil shipment from Honiara to Europe had gone smoothly while palm
kernel was being shipped via containers to Kimbe for crushing at
its plant in Kumbango.
With the start of operations this year, NBPOL said it had started
off strongly with excellent crop and high CPO prices.
The current sales prices at around US$600 (K1880.87) per tonne is
to impact on profitable operations this year, it said.
 
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