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R.E.A. Holdings harvest down

By BFN News | 04:30 PM | Friday 03 May, 2013


R.E.A. Holdings harvested 178,385 tonnes of oil palm fresh fruit bunches in the four month period to the end of April - down from 183,494 tonnes a year ago. Purchases of FFB totalled 26,366 tonnes, compared with the corresponding figure for 2012 of 14,346 tonnes. Rainfall to the end of April averaged 1,396 mm across the group's operations, compared with 1,168 mm during the same period in the previous year. R.E.A. Holdings said: "As noted in the company's annual report published on 25 April 2013, continuing village issues in the early weeks of 2013, and some subsequent limited harvesting blockages, have had an impact on the crops harvested to-date. "No new issues have arisen since the publication of the annual report and, if the agreements now reached in relation to village issues continue to be respected (as they have been to-date), the directors expect the group's own FFB crops to return to more normal levels as the year progresses. "The disruptions to harvesting in 2012 however are likely to have affected the normal fruiting cycle so that it must be expected that monthly cropping levels may be below average for the next few months but above average for the closing months of 2013. "Negotiations with villages in the group's next planned area for development are nearing completion and clearing of a substantial initial component of the 11,000 plantable hectares is expected to commence shortly. "Negotiations are continuing with villages adjacent to further areas proposed to be developed so that, once compensation has been agreed and settled, land clearing in preparation for planting may commence in the near future. "Planting out is continuing on the 5,000 hectare area that was cleared and prepared for planting in 2011 and partially planted during 2012. "As previously explained, a minor proportion of this area is likely to be transferred to village cooperatives." At 4:30pm: (LON:RE.) R.E.A. Holdings share price was +8.5p at 445.5p Story provided by StockMarketWire.com

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