New Britain Palm Oil Limited (NBPOL) reported a 70.4% gross profit decrease to US$81.6m in 2012, according to preliminary annual results released last week.
BSP Capital research analyst Gabriel Bosip told Business Advantage PNG that the figure was worse than the 56% profit fall forecast. Poor weather conditions affected palm oil production in PNG and are likely to continue this year.
NBPOL earned an average US$1,062 per tonne for palm oil in 2012, compared to US$1,108 per tonne in 2011. Bosip said a glut of palm oil in Malaysia makes it unlikely that prices will recover soon.
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