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SPB ON TRACK TO MEET TARGET FOR 2007

Newly listed plantation company Sarawak Plantation Berhad (SPB) recorded revenue of RM164.7 million and profit before tax of RM54.0 million for the 9 months ended 30 September 2007 mainly due to higher average prices of crude palm oil (“CPO”) and palm kernel (“PK”) realized.

The average prices for CPO and PK for the 9 months period ended 30 September 2007 were RM2,313 /MT and RM1,427 /MT respectively. The increase was primarily in tandem with substantial improved performance of the prevailing oil palm market during the current interim financial period. For the quarter under review, the Group recorded profit before tax of RM26.4 million as compared to RM20.6 million in the preceding quarter. This is mainly due to better average CPO price realized by 8.2% and the increase in CPO sales volume by 10.5% during the interim quarter under review.

The performance of the Group is expected to remain stable for the rest of the financial year in line with the firmness of oil palm products’ prices. Barring any unforeseen circumstances, the Board of Directors of SPB is optimistic about the Group’s ability in achieving satisfactory performance for the remaining period of the financial year ending 31 December 2007.

At its recent board meeting held in Kuching, the Board of Directors is confident that the Group will achieve a higher profit against that forecasted for the financial year ending 31 December 2007.

 

 
   
   
   
   
   

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