MP Evans bullish on palm oil prices

14th Sep 2011 14:52

Strong commodity prices helped MP Evans, which produces palm oil in Indonesia and beef cattle in Australia, post a sharp rise in profits in the six months to 30 June.Profits climbed to $22.36m from $12.04m over the same period the previous year. The company lifted its interim dividend to 2.25p a share from 2p last year.Palm oil was the main driver, with plantation gross profits 53% higher at $13.43m. Profits from the group's 30% share in beef producer Napco came in at $2.88m, a 30% rise.MP Evans also has a property portfolio in Malaysia."We are on track more than to double production of ffb (fresh fruit bunches) to 500,000 tonnes in 2015," chairman Peter Hadsley-Chaplin said."The palm-oil price remains at around US$1,100 per tonne, an historically-robust level."