Glenealy Plantations Optimistic of Better Performance

KUALA LUMPUR, Nov 4 (Bernama) — Glenealy Plantations (Malaya) Bhd is optimistic its performance for the financial year ending June 30, 2010 will be better if the crude palm oil (CPO) price stay at around RM2,200 per tonne. Its managing director, Yaw Chee Ming, said the improved CPO output would also help the company turn in better results. “If the price is maintained at this level (RM2,200) and coupled with the increase in the crop, we are optimistic about the current year’s performance,” he told reporters after the company’s annual general meeting here Wednesday. Yaw said the company’s performance in the previous financial year was drastically affected by lower CPO and palm kernel prices. For the financial year ended June 30, 2009 its pre-tax profit fell to RM47.1 million from RM144.7 million in the same period of 2008. Revenue declined to RM175.8 million from RM247.5 million previously. He said the company’s CPO production was expected to increase for the current financial year following its ongoing replanting and new planting programmes. For the current financial year, a total of 2,160 hectares of oil palm plantation (1,885ha of new planting in Lana, Sarawak and 275ha of replanting in Sabah) will mature, while 346 ha in Sabah will be replanted, thus bringing a net increase in the group’s total mature hectarage in Sabah and Sawarak to 20,251ha. Glenealy Plantations is principally involved in the operation of oil palm plantations in Sabah and Sarawak. The company has a planted area of 28,050ha in the financial year ended June 30,2009, out of which 6,130ha are palms below three years’ old. Currently, the company has three palm oil mills and landbank for the development of oil palm plantations in Jelalong plantation, Sarawak with a gross area of 21,123ha and 30,132ha in Kalimantan Timur, Indonesia. Source : BERNAMA

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