Palm oil rally cheers Anglo Eastern

9th Apr 2010 15:11

Shares in Anglo Eastern Plantations climbed after the Indonesian palm oil producer posted lower profits and revenues for 2009 but said a rally in crude palm oil (CPO) prices left it 'cautiously optimistic' for 2010.Pre-tax profits fell to £62.1m from £77.9m on revenues that dropped to $150.1m from $174.7m.CPO prices averaged $679m a tonne, compared with $945m in 2008. However, they ended the year at $780 and have stayed firm.One concern is an 8% fall in production in February from the same month last year. 'The abnormal low cropping trend appears to be nationwide and mainly caused by adverse weather conditions compared to the same period in 2009,' the company said. 'It is too early to forecast whether the performance will be better for the rest of the year.'