StockMarketWire.com - Palm oil and rubber producer Anglo-Eastern Plantations reported a large rise in first-half profit on the back of higher output and rising crude palm oil prices.

Pre-tax profit for the six months through June rose to $16.8m, up from $1.6m on-year, as revenue rose 26% to $123.1m.

Fresh fruit bunches production rose 9% to 511,700mt due to better weather and increased matured area at the company's operations in Indonesia and Malaysia.

'There are rising concerns of a second wave of the virus pandemic in key importing countries in the second half of 2020 which may cloud market demand,' the company said.

'The prolonged uncertainties together with low crude oil prices and higher seasonal crop production may put some downward pressure on crude palm oil prices.'

'Furthermore, it was reported that China may potentially import and crush more soybeans to feed and rebuild its hog population decimated by the swine flu resulting in more supply of rival soy oil in the China market.'

'Palm oil used for biodiesel blending is also likely to suffer as a result of economic lockdown dampening demand and prices.'


At 2:36pm: [LON:AEP] AngloEastern Plantations PLC share price was +8p at 517p



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