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MP Evans - H1 profit up 86%

November 2011

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Indonesian palm oil producer MP Evans' investments in new plantations are starting to pay off with interim results showing an 86% rise in pretax profit to US$22.4m. Net debt was US$7m while the balance sheet boasts US$45m of development land in Malaysia slated for disposal. The key drivers of growth were a 48% rise in average prices to US$1,195 / tonne and 36% rise in production of fresh fruit bunches to 112,800 tonnes, made up of a 21% rise to 91,600 tonnes within existing Sumatran estates and 183% increase to 21,200 tonnes within the new estates. Going forward, profit growth will be boosted by a new 60 tonne per hour mill to be commissioned by the year-end, while it continues to plant up new land, albeit the pace is slow ...

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