MP Evans has improved its group-controlled H1 pretax profit to $4.78m, from a year-earlier profit of $4.4m. Revenue was $30.4m, from $38.0m. "The increased profit in the first half of 2016 reflects the one-off gain from the sale of the Group's NAPCo shares, offset by lower plantation earnings, following a reduction in oil-palm ffb crops, caused by exceptionally dry weather," said chair Peter Hadsley-Chaplin. "Whilst palm-oil prices traded around the levels seen in the first half of 2015, the market has, since then, staged a welcome recovery in the second half, which augurs well for the Group's new, increased focus on palm oil." HIGHLIGHTS: - Profit of US$11.7 million on trading and disposal of investment in NAPCo - Fall in crop of 9% following exceptional dry weather - Half-year profit on continuing operations lower by US$0.3 million (4%) - Profit for the period US$18 million - Oil extraction continues at excellent levels - Good planting momentum: 1,980 hectares on new projects, including smallholder areas - CPO price similar to previous year and has strengthened substantially since 30 June.
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