NBPOL posts lower profit

NEW Britain Palm Oil Ltd, a large-scale integrated industrial producer of sustainable palm oil in Papua New Guinea, has announced its unaudited preliminary results for the year ended Dec 31, 2009.

The company posted a lower profit before tax of US$85.3 million (K234 million), down from the US$106.3 million (K291.63 million) earned in 2008. The amount however excluded the effect of revaluing biological assets.

It disclosed that its revenue during the year in review dropped to US$323.8 million (K888.34 million) from US$352.2 million (K966.26 million) the previous year, due to lower prices for palm oil in 2009, particularly in the first half of the year as against the figure in 2008.

Earnings per share of ordinary shareholders were US$0.418, down from the US$0.518   declared in 2008.

Dividends paid during the year in review totaled US$0.28 per share including an interim dividend for 2009 of US$0.14 per share.