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R.E.A. Holdings profit up 21%

By BFN News | 09:53 AM | Thursday 21 April, 2011

Palm oils group R.E.A. Holdings plc posted a 21% increase in pre-tax profit to $50.4m from $41.7m for the year to December. Revenue rose by 45% to $114m from $79m, reflecting higher average crude palm oil and crude palm kernel oil prices, a larger crop and initial coal sales of $4.2m. The increase in profit included a gain on revaluation of biological assets of $1.6m (2009: $9.8m). The company's crop of fresh fruit bunches during the year was up by 6% to 518,742 tonnes. It had 32,083 hectares planted or under development at December 31, an increase of 1,093 hectares. R.E.A. said the 2010 planting programme was delayed by the introduction of an Indonesian government requirement for plantation development licences. Extension planting was resumed after the issue of the first licence in January 2011 and a second in March. Mining operations on the Kota Bangun coal concession started in November, with initial coal sales of 15,000 tonnes scheduled for April. Basic EPS rose to 97c from 83.3c and diluted EPS to 96.8c from 81.4c. A final dividend of 3p a share was recommended to be paid on September 30. Two interim dividends of 2.5p each were paid in respect of 2010, against a 2009 total of 4p. At 9:53am: (LON:RE.) R.E.A. Holdings share price was -9p at 790p Story provided by

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