NBPOL reports K77.8mil profit in first half

NEW Britain Palm Oil Ltd earned a profit before tax of K77.8 million for the six months to June 30 this year, up 52% from the same period last year.
The company said yesterday it reported in the recent annual general meeting and to the Port Moresby Stock Exchange that since late last year, prices of crude and refined oils had increased.
While costs were generally expected and within budget, revenue had been boosted by increased oil prices.
The cropping levels were higher than the budget by 8.75% with 637,310 tonnes of fruits being processed against a budget of 585,999 tonnes.
During 2006, NBPOL received an average of US$467 (K1,423.78) per tonne of crude palm oil (CPO).
During the period, the average price for the same oil was US$622 (K1,896.43) a tonne, up 33%.
Similar increases in prices had been experienced in the other oils that NBPOL produced.
The price of oil also increased the value of smallholder fruit, with a total of K31.3 million for 180,698 tonnes against a budget of K31.5 million for 180,698 tonnes.
 

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